Nigeria becomes latest 'partner country' of BRICS bloc
What's the story
Nigeria has officially been welcomed as a "partner country" of the BRICS bloc, the current chair of the group, Brazil announced. The BRICS bloc was first formed by Brazil, Russia, India, and China in 2009 to counter the Group of Seven leading industrialized nations. South Africa joined in 2010. Last year, it expanded further with Iran, Egypt, Ethiopia, and the United Arab Emirates joining the ranks.
Strategic expansion
Nigeria's admission strengthens BRICS's global presence
With this latest addition, Nigeria becomes the ninth partner country of BRICS, joining Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda and Uzbekistan. The Brazilian government emphasized Nigeria's importance as a partner owing to its "world's sixth-largest population—and Africa's largest—as well as being one of the continent's major economies." They added that Nigeria shares "convergent interests with other members of BRICS," emphasizing its strategic value within the bloc.
Financial autonomy
BRICS faces US opposition, plans independent payment system
In a related development last year, President-elect Donald Trump threatened to impose 100% tariffs against BRICS if they took actions to undermine the US dollar. In response to this, leaders of the bloc have expressed their commitment to developing an alternative payment system that would not be dependent on the dollar.