Nigeria has officially joined BRICS as a partner country, along with 12 other nations.
This was announced during the BRICS summit held in Kazan, Russia, from October 22 to 24, 2024.
The expansion of BRICS includes nations such as Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam
This addition comes as the bloc seeks to strengthen ties with emerging economies.
Unlike Iran, Egypt, Ethiopia, and the UAE, which gained full membership in January 2024, Nigeria’s status is as a partner nation, not a full member.
Nigeria’s inclusion follows a significant rise in foreign capital inflows from BRICS nations, which surged by 189% in the first half of 2024, reaching $1.27 billion.
This marks a substantial increase compared to $438.72 million during the same period in 2023.
Initially formed by Brazil, Russia, India, and China, BRICS expanded in 2010 to include South Africa.
The bloc’s mission is focused on promoting trade, investment, and development among key emerging markets.
