Nigeria has officially joined the BRICS group as a partner country, a significant step in building stronger economic ties with the global economic alliance. This development was confirmed during the BRICS summit in Kazan, Russia, held from October 22 to 24, 2024.
The decision to include Nigeria comes at a time when the country is benefiting from a surge in foreign capital from BRICS nations. In the first half of 2024, Nigeria saw an increase of 189% in foreign investments from BRICS, totaling $1.27 billion, a substantial rise compared to the $438.72 million received during the same period in 2023. This boost in investment demonstrates growing trust and collaboration between Nigeria and the BRICS nations.
Alongside Nigeria, 12 other countries—Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam—were also added as partner countries. It is important to note that these countries are not full members of BRICS, but their inclusion as partners is expected to enhance economic cooperation.
In an interesting development, the name “Noheria” was seen written in the Hausa language on the proposed BRICS foreign reserve currency note. This could suggest a more inclusive approach by BRICS in shaping global financial systems.
The announcement was shared via a post on X (formerly Twitter) on Wednesday, stating, “BRICS officially adds 13 new nations to the alliance as partner countries (not full members).”
This move follows the full membership granted earlier in 2024 to Iran, Egypt, Ethiopia, and the United Arab Emirates, who attended their first BRICS summit as full members this year in Russia.
The news has sparked a lot of interest and reactions on social media, with many people discussing the potential benefits for Nigeria and other newly added countries. As BRICS continues to expand, the bloc’s influence on the global economy is expected to grow, offering new opportunities for countries like Nigeria.
Nigeria’s partnership with BRICS could open doors to more investments, economic growth, and stronger diplomatic ties, providing the country with a stronger foothold on the global stage.
