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Nigeria officially becomes part of the BRICS


Nigeria officially became a member of BRICS, marking a huge milestone for the emerging African nation on the international arena.

ABUJA: Nigeria officially became a member of BRICS organisation, marking a huge milestone for the emerging African nation on the international arena.

This will position Nigeria as the second African country to join the BRICS, following Uganda’s accession.

With Nigeria’s inclusion, the total number of BRICS member states has now reached 12, expanding the group’s influence on the global stage.

Read more: Indonesia welcomes its entry into BRICS bloc

BRICS, an acronym for Brazil, Russia, India, China and South Africa, is a coalition of emerging economies that aims to promote peace, security and development in a multipolar world.

The organisation was established in 2009, and has since evolved into a platform for cooperation among its members. It is focused on economic growth, trade and investment primarily.

The organisation seeks to reform the global financial institutions to better reflect the interests of the developing world and to improve cooperation in different sectors, including technology, agriculture and energy.

Nigeria is Africa’s largest economy and as such, boasts a diverse economy. Its key sectors include oil and gas, agriculture, telecommunications and services.

Nigeria is also one of the world’s leading oil producers, and its petroleum sector contributes heavily to government revenue and foreign exchange earnings.

Read more: Russia teams up with BRICS to create AI alliance, Putin says

However, the economy has faced challenges, including fluctuations in oil prices, inflation, corruption and infrastructural deficits.

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