Nigeria admitted to BRICS as partner

Nigeria has been admitted as a “partner country” of the BRICS bloc of developing economies, according to Brazil, the group’s chair.

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BRICS was formed by Brazil, Russia, India and China in 2009, with South Africa added in 2010, as a counterweight to the Group of Seven (G-7) leading industrialised nations.

Last year, the bloc added Iran, Egypt, Ethiopia and the UAE, while Saudi Arabia has been invited to join.

Turkey, Azerbaijan and Malaysia have formally applied to become BRICS members, while a few others have also expressed interest.

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,” the Brazil government said in a statement on 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,” it added. US President-elect Donald Trump last year threatened 100 per cent tariffs against BRICS if they act to undermine the US dollar.

The bloc’s leaders have voiced their commitment to introduce an alternative payment system that would not be dependent on the dollar.