Nigeria Joins BRICS as Partner State to Boost Growth, Investment

BREAKING NEWSJanuary 20, 2025 at 11:12 AM UTC

TLDR

Nigeria has officially joined BRICS as a partner state, becoming part of the bloc of emerging-market powers
The expansion of BRICS has gained momentum in recent years, with other countries such as Egypt, Ethiopia, and the UAE also joining
The alliance aims to enhance trade, investment, and socio-economic cooperation between BRICS member nations

Nigeria has officially joined BRICS as a partner state, becoming part of the bloc of emerging-market powers that includes Brazil, Russia, India, China, and South Africa.

The expansion of BRICS has gained momentum in recent years, with other countries such as Egypt, Ethiopia, and the UAE also joining the group. The alliance aims to enhance trade, investment, and socio-economic cooperation between Nigeria and BRICS member nations.

The Nigerian Ministry of Foreign Affairs announced the partnership on Saturday, stating that the move underscores Nigeria’s commitment to fostering international collaboration and leveraging economic opportunities.

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Key Takeaways

Joining BRICS as a partner state aligns with Nigeria’s efforts to strengthen its economy amidst soaring inflation and low tax revenue. The country recently renewed a $2 billion currency-swap agreement with China to boost trade and investment. BRICS’ expansion could potentially challenge the dollar’s dominance in global trade, particularly in oil and gas, while providing Nigeria a platform to diversify trade relationships and secure strategic investments. As Nigeria rolls out tax reforms to address fiscal constraints, the partnership with BRICS offers opportunities to attract investments and advance development goals.

Nigeria

Economy

BRICS

Trade

Investment

International Development