Investors King gathered that, in a bid to strengthen cooperation among the Global South, Nigeria has officially joined BRICS as a partner country.
The news, confirmed by Brazil’s Foreign Ministry on Friday, stated that Nigeria, the world’s sixth-largest population and Africa’s largest, plays an active role in fostering South-South cooperation.
This move makes Nigeria the ninth partner country of BRICS, joining Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan. The partner-country category was established at the 16th BRICS Summit held in Kazan in October 2024.
BRICS, an acronym for Brazil, Russia, India, China, and South Africa, has been expanding as more countries express interest in joining this group of leading emerging economies.
Investors King also learned that Nigeria has been recognized as a significant participant in international dialogues and initiatives.
This new partnership with BRICS is expected to further solidify Nigeria’s role on the global stage and bolster its advocacy for reforms in international organizations.
Brazil’s Foreign Ministry stated: “In its capacity as the pro tempore presidency of BRICS, the Brazilian government announces today, January 17, 2025, the formal admission of Nigeria as a partner country of the grouping. The Brazilian government welcomes the Nigerian government’s decision.”
Nigeria’s entry into BRICS presents an opportunity to expand its influence in global decision-making and foster stronger economic and diplomatic partnerships with both member and partner countries.
Recall that in December 2024, Nigeria sought South Africa’s support to secure full membership in both the G20 and BRICS.
Meanwhile, presidential spokesperson Bayo Onanuga announced that Nigeria is also pursuing membership in the BRICS New Development Bank (NDB).
Onanuga highlighted that the expanded BRICS bloc has been a significant driver of global economic growth in recent years, accounting for approximately 37% of the world’s gross domestic product (GDP).
The most recent expansion, during the 2023 BRICS summit, paved the way for six countries—Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates—to join, effective January 1, 2024. However, Argentina later declined the invitation.
Experts have argued that Western hypocrisy and dominance, particularly in conflicts like those in West Asia and Ukraine, have strengthened the unity among BRICS+ nations.
To address the excessive use of sanctions and the financial strain caused by the dollar’s dominant role in middle-income countries, the bloc’s leaders have been exploring the creation of an alternative payment system independent of the US dollar.
Last year, President-elect Donald Trump threatened to impose 100% tariffs on BRICS nations if they took actions to undermine the dollar.