Market News
BRICS: Nigeria intensifies membership campaign, seeks backing from South Africa - BUSINESS INSIDER
BY
The Nigerian government has intensified its efforts to secure membership in BRICS, the BRICS New Development Bank (NDB), and the G20, as part of a strategic plan to strengthen its influence on the African continent.
Ambassador Bianca Odumegwu-Ojukwu, Nigeria’s Minister of State for Foreign Affairs renewed the calls for Nigeria's BRICS membership during the Ministerial session of the 11th Nigeria-South Africa Bi-National Commission (BNC) in Cape Town, South Africa.
BRICS member countries in Africa
In an earlier report, Business Insider Africa disclosed that the BRICS alliance announced the addition of 13 new nations, including three African countries - Algeria, Nigeria, and Uganda as partner countries during the BRICS summit.
Currently, South Africa is the only African member of BRICS but following the latest expansion in 2023, the BRICS alliance officially announced the addition of 13 new nations as partner countries, including three African nations: Algeria, Nigeria, and Uganda.
The BRICS alliance officially announced the addition of 13 new nations as partner countries,
African leaders are seeking alternative partners to reduce reliance on Western nations and financial institutions, and are strengthening ties with BRICS nations to prioritize economic cooperation and counterbalance Western dominance.
Nigeria’s Request
Nigeria is seeking active membership of BRICS, the G20 - which comprises of 19 countries and two regional bodies, namely the European Union and the African Union, and the NDB.
This is a follow up to the request made earlier this year by Nigeria's Foreign Affairs Minister, Ambassador Yusuf Tiggar
Nigeria's interest in joining BRICS is not new, but the country's economic and diplomatic tools need to be retooled to make its economy more competitive globally.
Nigeria is seeking active membership of BRICS, and the G20
The benefits of Nigeria joining BRICS are numerous, including increased economic growth, improved global governance, and a stronger voice in international affairs
Membership of the group include the world’s major economies, representing 85% of global Gross Domestic Product, over 75% of international trade, and about two-thirds of the world population.
Nigeria is also seeking inclusion in the BRICS New Development Bank, (NDB) a multilateral development bank established by Brazil, Russia, India, China and South Africa (BRICS) with the purpose of mobilizing resources for infrastructure and sustainable development projects in emerging markets and developing countries (EMDCs).
According to Ojukwu, Nigeria is totally committed to fostering regional peace in Africa and as a member of the ad-hoc mediation committee established by the African Union, Nigeria’s president, Bola Tinubu has prioritized resolving the crisis to foster peace and stability in the region.
The draft communique, amendments and submissions raised at the ministerial session of the BNC will be submitted to President Bola Tinubu and President Cyril Ramaphosa at the presidential Bi-National Commission session on Tuesday in Cape Town.
Nigeria-South Africa’s BNC Meeting
President Bola Ahmed Tinubu is currently in Cape Town, South Africa, to participate in the 11th session of the Nigeria-South Africa Bi-National Commission. This is a diplomatic alliance aimed to strengthen the economic ties of both nations.
Both leaders will review the progress achieved since the 10th session of the BNC held in Abuja in 2021.
The meeting is a follow up to the bilateral meeting both countries earlier had in Johannesburg shortly after President Ramaphosa’s inauguration for a second term in office in June.
Both leaders will review the progress achieved since the 10th session of the BNC held in Abuja from November 29 to December 1, 2021.
