Nigeria has been officially welcomed as one of 13 new partner countries to the BRICS alliance, a powerful economic bloc accounting for one-fifth of global trade. This milestone follows a significant 189% surge in foreign investments from BRICS nations in the first half of 2024, reaching $1.27 billion.
About BRICS
Formed in 2009, BRICS originally comprised Brazil, Russia, India, China, and South Africa. The alliance has since expanded to include Iran, Egypt, Ethiopia, the United Arab Emirates, and now 13 additional partner countries:
1. Algeria
2. Belarus
3. Bolivia
4. Cuba
5. Indonesia
6. Kazakhstan
7. Thailand
8. Turkey
9. Uganda
10. Uzbekistan
11. Vietnam
12. Nigeria
As a partner country, Nigeria will benefit from:
– Increased trade and investment opportunities
– Collaboration on global issues
– Enhanced economic cooperation
BRICS by the Numbers:
– Represents 40% of the global population
– Accounts for $26.6 trillion cumulative GDP (26.2% of global GDP)
– Rivals the economic strength of the Group of Seven (G7)
This development solidifies Nigeria’s position in the global economy and opens up new avenues for growth and cooperation.
