Nigeria is now the ninth member of the multinational bloc known as BRICS following the announcement by the Brazilian government of its formal admission as a partner country.
In a statement on Friday, Brazil’s Foreign Ministry stated that BRICS and Nigeria share common interests, as both actively strive to enhance cooperation among Global South countries and advocate for the reform of international organisations.
BRICS, which stands for Brazil, Russia, India, China and South Africa, has been pushing to expand in recent years as it grows in clout and has accepted other countries including Egypt, Ethiopia, Indonesia and the United Arab Emirates.
“With the world’s sixth-largest population—and Africa’s largest—and is one of the continent’s major economies, Nigeria shares convergent interests with other members of BRICS and plays an active role in strengthening South-South cooperation and in reforming global governance, issues that are top priorities during Brazil’s current presidency,” the statement said.
Brazil holds the BRICS presidency currently for 2025, having taken over from Russia on January 1.
In a statement announcing Nigeria’s acceptance on Saturday, the acting spokesperson of the Ministry of Foreign Affairs, Kimiebi Ebienfa, said the formal acceptance to participate as a partner country underscores Nigeria’s commitment to fostering international collaboration, leveraging economic opportunities, and advancing strategic partnerships that align with Nigeria’s development objectives.
“BRICS, as a collective of major emerging economies, presents a unique platform for Nigeria to enhance trade, investment, and socio-economic cooperation with member countries,” it added.
This development makes Nigeria the ninth partner country, joining Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan’s membership of BRICS, a category established at the 16th BRICS Summit in Kazan, in October 2024.
The enlarged alliance may challenge the dollar’s dominance in oil and gas trading and become a stronger counterweight to the Group of Seven industrialized nations.
Nigeria, Africa’s most populous nation, has been battling soaring inflation and is expected to roll out new rules in July to simplify its tax system. According to the World Bank, the current level of tax collection is one of the lowest globally, constraining Nigeria’s public finances and limiting how much it can invest in essential services and infrastructure.
Last month, China and Nigeria renewed a 15 billion yuan ($2 billion) currency-swap arrangement designed to boost trade and investment between the two countries.
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