Nigeria has been admitted as a partner country to the Brics bloc of developing economies, adding one of Africa's largest economies to the growing alliance of emerging market countries. Brazil, the group's chair, said Nigeria's interests converged with other members of the group.
Brics was formed by Brazil, Russia, India and China in 2009 as a counterweight to the Group of Seven (G7) leading industrialised nations. South Africa was added in 2010.
Last year the bloc added Iran, Egypt, Ethiopia and the United Arab Emirates.
Nigeria becomes the ninth Brics partner country – joining Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan.
"With the world’s sixth-largest population – and Africa’s largest – as well as being one of the continent’s major economies, Nigeria shares convergent interests with other members of Brics," Brazil's Foreign Ministry, known as Itamaraty, said in a statement Friday.
"It plays an active role in strengthening South-South cooperation and in reforming global governance – issues that are top priorities during Brazil’s current presidency."
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Brics now represents over half the world’s population and more than 45 per cent of global GDP, signalling its growing clout on the international stage.
As one of the world’s top oil producers, Nigeria brings significant economic weight to the group.
Last year President-elect Donald Trump threatened 100 percent tariffs against Brics if they attempt to undermine the US dollar. The bloc's leaders say they're committed to introducing an alternative payment system that would be independent of the dollar.
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The partnership status, created in October 2024, allows Nigeria to participate in Brics meetings and events, but does not grant full membership privileges such as voting rights.
(with newswires)
