Nigeria Featured on Proposed BRICS Reserve Currency as It Joins Bloc as Partner Country

Nigeria has officially joined BRICS as a partner country, alongside 12 other nations, enhancing its economic ties with the bloc.

This announcement was made at the ongoing BRICS summit in Kazan, Russia, taking place from October 22 to 24, 2024.

Nigeria’s inclusion follows a significant surge in foreign capital inflows from BRICS countries, which increased by 189% in the first half of 2024, reaching $1.27 billion compared to $438.72 million during the same period in 2023.

The 12 additional countries joining as partner nations include Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam.

These countries, along with Nigeria, have been designated as partner countries rather than full members. Additionally, the name “Noheria” is written in Hausa on the proposed foreign reserve currency note of BRICS.

A post on X (former Twitter) from the bloc on Wednesday read, “BRICS officially adds 13 new nations to the alliance as partner countries (not full members).”

This follows the full membership granted earlier to Iran, Egypt, Ethiopia, and the United Arab Emirates in January 2024.

These four countries participated in their first BRICS summit as full members at the 2024 gathering in Russia.