Nigeria Joins BRICS as New Partner Nation

The BRICS group has expanded its membership by welcoming Nigeria as a new partner nation. This decision highlights Nigeria's significance as the most populous country in Africa and one of its largest economies, sharing numerous interests with existing BRICS members, as communicated by Brazil, which currently holds the chairmanship of the group.

Nigeria's involvement is seen as vital for fostering collaboration among Global South countries, a priority for Brazil during its presidency. The BRICS alliance, established in 2009 by Brazil, Russia, India, and China, aimed to create a counterbalance to the G7. South Africa joined the group in 2010, forming the acronym BRICS from the initial letters of the five nations involved.

The leaders of BRICS have pledged to develop an alternative payment system that is not reliant on the US dollar. The member states convene annually for summits, with the latest gathering taking place in Kazan, Russia, in October.

Recently, the BRICS group has seen significant expansion, adding countries such as Iran, Egypt, Ethiopia, and the United Arab Emirates last year, along with Indonesia at the beginning of this year. Among its partner nations are Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan. Additionally, Russian Prime Minister Mikhail Mishustin announced during a visit to Hanoi that Vietnam is set to be included as a partner nation.

Before the inclusion of Nigeria and Indonesia, BRICS nations already accounted for 45% of the global population and 36% of the world's economic output, according to data from the Federal Statistical Office. In contrast, the G7 countries represented only 10% of the global population and 29% of the economic performance in 2023.

Nigeria, with a population of approximately 220 million, stands as Africa's most populous nation and one of its foremost economic players. The oil and gas sector remains a key component of its economy, but there has been notable growth in agriculture, mining, industry, trade, transport, and communication sectors as well.