Nigeria has formally joined BRICS as a companion nation, confirmed by Brazil’s Overseas Ministry.
This transfer aligns with the shared pursuits of strengthening cooperation amongst World South international locations and advocating for worldwide group reforms.
“In its capability as the professional tempore presidency of BRICS, the Brazilian authorities publicizes immediately, January 17, 2025, the formal admission of Nigeria as a companion nation of the grouping. The Brazilian authorities welcomes the Nigerian authorities’s resolution.”
With this inclusion, Nigeria turns into the ninth companion nation of BRICS, becoming a member of Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan. This partner-country class was established on the sixteenth BRICS Summit held in Kazan in October 2024.
The assertion famous that because the world’s sixth-largest inhabitants and Africa’s largest, Nigeria shares convergent pursuits with different BRICS members. The nation performs an lively position in enhancing South-South cooperation and advocating for the reform of world governance—key priorities throughout Brazil’s present presidency.
Alternative to develop
Nigeria’s entry into BRICS presents a chance to develop its affect in international decision-making and foster stronger financial and diplomatic partnerships with member and companion international locations.
Initially comprising Brazil, Russia, India, China, and South Africa, BRICS started to develop as extra international locations expressed curiosity in becoming a member of the group of main rising economies.
All through its journey towards full membership, Nigeria has been acknowledged as a major participant in worldwide dialogues and initiatives. This new partnership with BRICS is anticipated to additional solidify Nigeria’s position on the worldwide stage.
What you might want to know
- In December 2024, Nigeria sought the help of South Africa to safe full membership in each the G20 and BRICS.
- Bayo Onanuga, the presidential spokesperson, introduced that Nigeria can also be pursuing membership within the BRICS New Growth Bank (NDB).
- Onanuga highlighted that the expanded BRICS bloc has been a major driver of world financial development lately, accounting for about 37% of the world’s gross home product (GDP).
The newest growth occurred throughout the 2023 BRICS summit, the place six extra international locations—Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates—had been invited to affix, efficient January 1, 2024. Argentina later declined the invitation.
Analysts have beforehand instructed that Western hypocrisy and hegemony, notably evident in conflicts similar to these in West Asia and Ukraine, have strengthened the bond amongst BRICS+ international locations.
To counter the hyper weaponization of sanctions and the burden of the greenback’s exorbitant privilege on middle-income international locations, the bloc’s leaders have been contemplating the event of an alternate cost system impartial of the US greenback.
Final 12 months, President-elect Donald Trump threatened to impose 100% tariffs on BRICS nations in the event that they took actions to undermine the greenback.
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