BRICS Expansion: Nigeria, Others Become Newest Partners

BRICS Expands to 18 Members

“Yes, it is true that Nigeria joined BRICS as a partner...”

Nigeria joins BRICS: What does this mean for Africa's largest economy? Insights into BRICS' expansion and global impact.

BRICS has officially expanded its alliance by welcoming 13 new nations as partner countries, although they won't have full membership status. This announcement was made at the BRICS summit in Kazan, Russia, from October 22 to 24, 2024. The 16th annual summit focused on “Strengthening Multilateralism for Fair Global Development and Security” and aimed to boost economic ties with key emerging economies.

As reported on X on October 24, “BRICS officially adds 13 new nations to the alliance as partner countries (not full members).” This move is part of BRICS' efforts to enhance its global influence and provide alternative economic and geopolitical options. The expansion follows the admission of five new member countries - Saudi Arabia, the United Arab Emirates, Egypt, Iran, and Ethiopia - which effectively doubled the bloc's membership to 10 nations as of January 1, 2024.

The BRICS group now consists of Brazil, Russia, India, China, South Africa, Egypt, Iran, Saudi Arabia, the United Arab Emirates, and Ethiopia. These nations account for nearly a third of the global economy and are home to 46 percent of the world's population. The addition of new partner countries is expected to further increase BRICS' economic weight and potential.

Benefits of this expansion include:

Enhanced Global Influence: BRICS' growth is likely to unsettle the US, which may perceive this as a direct challenge to its hegemony.

Economic Opportunities: The inclusion of major oil producers and emerging economies will redefine trade dynamics and create new investment opportunities.

African Representation: The addition of Ethiopia and Egypt increases African representation within the bloc.

Overall, BRICS' expansion marks a significant shift in global economic and geopolitical dynamics.

Nigeria has officially joined BRICS as a partner country, alongside 12 other nations, including Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam. This development was confirmed by Ambassador Eche Abu-Obe, spokesperson for Nigeria's Ministry of Foreign Affairs, who stated, “Yes, it is true that Nigeria joined BRICS as a partner.”

The BRICS alliance has undergone significant expansion, initially starting as BRIC (Brazil, Russia, India, and China) before welcoming South Africa in 2010. Earlier this year, Egypt, Ethiopia, Iran, and the United Arab Emirates became full members, actively participating in the 2024 summit. BRICS aims to fortify collaboration among emerging market economies in areas such as trade, investment, development, security, and cooperation.

Nigeria's partnership status aligns with Foreign Minister Yusuf Tuggar's November 2023 declaration, outlining the country's objective to become a full BRICS member within two years. This ambition leverages Nigeria's substantial economy and population. As the country with the largest economy and population in Africa, Nigeria's involvement in BRICS is expected to bolster its economic growth and global influence.

Areas of BRICS Collaboration:

Trade: Enhancing economic ties among member nations

Investment: Encouraging cross-border investments

Development: Fostering cooperation in areas like infrastructure and technology

Security: Strengthening regional and global security

Cooperation: Promoting mutual understanding and cooperation among emerging market economies.