Nigeria’s recent inclusion in BRICS as a partner nation marks a significant strategic move for the country’s economic landscape. At the 2024 BRICS Summit in Kazan, Russia (October 22–24), Nigeria was welcomed alongside 12 other nations as a partner country to the intergovernmental bloc, solidifying connections that bring Nigeria closer to one of the world’s most influential economic coalitions.
This partnership arrives at a pivotal moment, as Nigeria experienced a 189% rise in foreign capital inflows from BRICS nations in the first half of 2024, amassing $1.27 billion compared to $438.72 million in the same period last year. Such capital flow underscores BRICS nations’ confidence in Nigeria’s economy and reflects the potential for deeper economic collaboration.
Nigeria joins Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam as BRICS partner countries, expanding the bloc’s cooperative framework without full membership status. Earlier this year, Iran, Egypt, Ethiopia, and the UAE were admitted as full BRICS members, making Nigeria’s current involvement a strategic step that can pave the way for potential full membership in the future. The BRICS alliance, initially composed of Brazil, Russia, India, China, and later South Africa, aims to bolster trade, investment, security, and sustainable development among emerging economies.
Nigerian Foreign Affairs Minister Yusuf Tuggar has previously highlighted the country’s intentions to pursue BRICS and G20 memberships, citing Nigeria’s substantial economy and population as qualifying factors. Although Nigeria has not yet formally applied for full BRICS membership, its partner status aligns with President Bola Tinubu’s administration’s focus on expanding Nigeria’s role in influential international groups.
As BRICS continues to strengthen multilateralism and global development, Nigeria’s position as a partner nation opens avenues for economic growth and aligns with its long-term strategic goals in the global economy.