Nigeria actively pursues BRICS membership and G20 inclusion

Nigeria aims to become a member of the BRICS group (Brazil, Russia, India, China, South Africa) within the next two years while also seeking to join the Group of Twenty (G20), revealed the Minister of Foreign Affairs, Yusuf Tuggar.

«We need to belong to groups such as BRICS, G20, and all other blocs because if there’s a criterion that the largest countries in terms of population and economic weight should be part of it, then why isn’t Nigeria part of it? » he questioned.

Tuggar added, «Nigeria will join any open group as long as the intentions are good, benevolent, and clearly defined, as it has reached the age of deciding for itself who its partners are and where they should be».

This isn’t the first time Africa’s largest economy has expressed such intentions. Nigeria had previously voiced its dream of joining the BRICS bloc, although it did not submit an official membership request before the August summit of the emerging economies group.

Six new countries, including Argentina, Egypt, Iran, Ethiopia, Saudi Arabia, and the United Arab Emirates, were invited to join the group from January 1, 2024.

Currently, the BRICS group represents 42% of the world’s population (3.2 billion people) and approximately 25% of the global GDP.

However, its members hold only 15% of the voting rights at the World Bank and the International Monetary Fund (IMF).

In September, Nigeria also announced its intention to submit a membership application to the G20 after completing consultations to assess the benefits and risks of such a move.

The G20 is an international economic forum that brings together the 20 largest economies globally (19 countries plus the European Union). Its members represent about 80% of the world’s GDP, 60% of the global population, and 75% of international trade.

Smith OKAFOR