Nigeria Joins BRICS as Partner Nation Following $1.27 Billion Foreign Capital Surge in 2024

Alongside Nigeria, 12 other nations were also welcomed in to BRICS as partner countries, though not full members. These nations include Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam.

BRICS Expands Influence with Addition of 13 Partner Countries, Including Nigeria

The 2024 BRICS summit, themed “Strengthening Multilateralism for Fair Global Development and Security,” focused on enhancing economic cooperation and trade among key emerging economies.

Originally formed in 2009 by Brazil, Russia, India, and China, with South Africa joining in 2010, BRICS has evolved into a significant platform for promoting investment, development, and security collaboration among its member and partner nations.

 Statement posted on X (formerly Twitter) by the bloc read, “BRICS officially adds 13 new nations to the alliance as partner countries (not full members).” These new partner countries will contribute to the organization’s expanding global reach without attaining full membership status, a distinction earlier granted to Iran, Egypt, Ethiopia, and the United Arab Emirates in January 2024.

Why Nigeria Joined BRICS: A Strategic Economic Move

Nigeria’s recent entry into BRICS comes after months of anticipation. In November 2023, Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, had hinted at the country’s aspirations to join BRICS and the G20, citing the nation’s economic size and population as key qualifications. Vice President Kashim Shettima represented Nigeria at the 2023 BRICS summit in South Africa but did not push for full membership at that time.

Foreign Minister Tuggar reaffirmed Nigeria’s interest in joining BRICS in September 2024, clarifying that while the country had not formally applied for full membership, it remains on the radar of President Bola Tinubu’s administration, with the possibility of applying at an opportune moment.

Nigeria’s decision to join BRICS as a partner nation stems from its ongoing efforts to diversify economic partnerships and attract foreign investments. As the country grapples with internal economic challenges, including rising inflation, high public debt, and a weakening currency, the surge in capital inflows from BRICS nations signals the importance of strengthening ties with emerging economies.

The BRICS alliance offers Nigeria access to alternative sources of development financing, reducing its dependency on Western financial institutions, which often come with stringent conditions.

A Platform for Economic Diversification

Nigeria’s partnership with BRICS also aligns with its broader strategy to diversify beyond oil and tap into new markets. With major economies like China and India at the core of BRICS, Nigeria has an opportunity to expand its trade relations, particularly in non-oil sectors such as agriculture, manufacturing, and technology. Joining BRICS allows Nigeria to explore new trade routes and investment projects that can help stabilize its economy in the face of fluctuating global oil prices.

A Critical Step Amid Economic Struggles

Nigeria’s long-standing interest in joining BRICS is part of a broader geopolitical strategy to balance its global alliances. While Nigeria has historically been reliant on Western trade and financial institutions, the BRICS bloc presents an alternative framework, promoting multilateralism and fairer global development.

This shift allows Nigeria to maintain its economic sovereignty while securing favorable terms for loans, trade agreements, and investment deals. Joining BRICS enables the country to have a stake in the evolving multipolar world order, where emerging economies are taking a more significant role in shaping global economic policies.

Nigeria’s entry into BRICS comes at a crucial time when the country is in dire need of economic recovery and diversification. The significant foreign capital inflows from BRICS nations underscore the bloc’s growing importance to Nigeria’s economic future. While the partnership alone may not solve all of Nigeria’s economic woes, it provides a strategic platform to enhance its global influence, secure more diversified investments, and navigate the complex challenges facing its economy.