19
Jan
Jan
NIGERIA JOINS BRICS AS PARTNER COUNTRY, EXPANDING GLOBAL ECONOMIC COOPERATION
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Nicolas Adekeye / 3 days
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- 2 min read
Nigeria has formally accepted an invitation to join the BRICS grouping as a partner country, the Ministry of Foreign Affairs announced on Saturday. The ministry’s Acting Spokesperson, Kimiebi Ebienfa, disclosed this in a statement issued in Abuja. According to the statement, “The Federal Government of Nigeria has accepted the invitation to join BRICS as a partner country.” This formal acceptance highlights Nigeria’s commitment to fostering international collaboration, leveraging economic opportunities, and advancing strategic partnerships that align with the nation’s development objectives. BRICS, an acronym for Brazil, Russia, India, China, and South Africa, is an intergovernmental organization that aims to increase economic and political cooperation among its member countries. The term “BRIC” was coined in 2001 by Goldman Sachs economist Jim O’Neill, and the BRICS group was officially created in 2006 by the leaders of the four original member countries, with South Africa joining in 2010. BRICS countries work together to promote economic and political cooperation, holding annual summits, working on projects in areas like trade and finance, and investing in each other’s economies. The BRICS New Development Bank (NDB) was created in 2015 to finance infrastructure and sustainable development projects. Nigeria’s partnership with BRICS is expected to enhance trade, investment, and socio-economic cooperation with member countries. The country aims to use this partnership to advance shared goals in areas such as trade and investment, energy security, infrastructure development, technology, and climate change. As a partner country, Nigeria will engage constructively with BRICS members to drive innovation and foster people-to-people exchanges, in alignment with national interests and strategic priorities. BRICS is seen as a counterweight to Western-dominated global institutions like the World Bank and the International Monetary Fund. The combined GDP of BRICS countries is now larger than that of the G7, making it a significant player in the global economy. The International Labour Organization (ILO) has also recognized BRICS as a forum for cooperation among leading emerging economies, with the organization providing technical inputs to BRICS on policies that promote decent work.