Nigeria Joins BRICS as Partner Nation Alongside 12 Other Countries
Nigeria and twelve other countries have been accepted as partner nations in the BRICS initiative during the recent summit in Russia. The existing member countries have decided not to admit any new full members in 2024, although these nations may pursue full membership later. The acronym BRIC was originally developed in 2001, highlighting the potential of these emerging economies.
As the BRICS summit concludes in Russia, Nigeria, along with twelve other countries, has gained the status of a partner nation within the BRICS initiative. In total, thirteen new nations have been accepted into this collaborative framework as partner countries; however, BRICS has indicated that it will not be accepting any new countries as full members of the alliance for the year 2024. These thirteen nations are currently on a path towards potential full membership in the future. The BRICS group initially comprised Brazil, Russia, India, China, and later South Africa, which became an official member in 2010. The partner countries now include Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam. The acronym “BRIC” was first coined by Jim O’Neill, an economist at Goldman Sachs, in 2001 to denote Brazil, Russia, India, and China, which were identified as rapidly growing middle-income countries that could potentially dominate global economies by the year 2050. This initial coalition formalized itself in 2006 and later expanded to include South Africa, thereby becoming BRICS.
The BRICS group was established as a platform for major emerging economies to engage in discussions and cooperation regarding economic and financial issues that affect their development and influence on the global stage. The decision to allow additional countries to join as partners reflects BRICS’ intent to expand its reach and foster stronger global ties among developing economies, while the limitation on full membership suggests a desire to maintain a manageable and coherent grouping.
In conclusion, Nigeria and twelve other nations have joined the BRICS initiative as partner countries, moving towards full membership in the future. While BRICS is currently focusing on consolidating its existing membership, the inclusion of these new nations signifies an expansion of its collaborative efforts aimed at addressing global economic challenges together.
Original Source: www.bbc.com
