The West African nation, Nigeria had formally applied to join the BRICS bloc ahead of the 15th summit in August 2023. However, the alliance did not induct Nigeria but invited six new countries Saudi Arabia, the UAE, Argentina, Egypt, Iran, and Ethiopia to join the group. Argentina could be the only country to decline the BRICS membership next month and not be a part of the bloc. Read here to know why Argentina does not want to join BRICS.
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A handful of developing countries are now looking to enter the grouping as it provides alternative trade and financial options. BRICS is convincing developing countries to ditch the US dollar and use local currencies to strengthen their native economies. The message seems promising as it breaks away from the US domination of the financial sector. Read here to know how many sectors in the US will be affected if BRICS stops using the dollar.
BRICS: Nigeria Looking To Join the Alliance In 2 Years
Nigeria is aiming to join BRICS and be a part of decision-making within the next two years. The African nation has set a timeline that they need to enter the alliance before 2025. Yusuf Tuggar, Nigeria’s Minister of Foreign Affairs confirmed that the country’s foreign policy push is to make its voice heard in important financial matters of global organizations.
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“Nigeria has come of age to decide for itself who her partners should be and where they should be. Being multiple aligned is in our best interest,” Tuggar said.
He added, “We need to belong to groups like BRICS, like the G-20 and all these other ones. Because if there’s a certain criteria, say the largest countries in terms of population and economy should belong, then why isn’t Nigeria part of it?”
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Therefore, chances remain high that Nigeria could make its way into BRICS sooner or later. The country is dedicated to its mission and could also be a part of the de-dollarization efforts kick-started by BRICS.