President Bola Tinubu will attend the 2025 BRICS summit in Rio de Janeiro from July 6 to 7, 2025.
Bayo Onanuga, special adviser to the president on information and strategy, disclosed the development in a statement issued on Friday.
EDITOR’S PICKS
The presidential spokesperson said Tinubu was invited to the summit by Lula da Silva, president of Brazil, “on the strength of Nigeria’s status as a ‘partner country’, a membership category short of full status.
Onanuga said senior government officials will accompany Tinubu on both visits.
What is BRICS?
BRICS is an intergovernmental organization comprising Brazil, Russia, India, China, and South Africa. It started as an informal group in 2006, initially called BRIC, with South Africa joining in 2010.
In 2024, BRICS expanded to include Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. The expansion was aimed at boosting geopolitical clout, particularly in the Global South, but countries like Nigeria are yet to obtain full membership status.
However, in December 2024, Nigeria sought the support of South Africa to secure full membership in BRICS.
The group represents major emerging economies, aiming to enhance cooperation in trade, investment, and development while challenging Western-dominated global financial systems.
BRICS nations account for over 40% of the global population (around 3.2 billion people) and roughly 30% of global GDP, with China and India as the economic heavyweights. In terms of purchasing power parity (PPP), the BRICS countries hold a total 35 percent of the world’s GDP compared to 30 percent held by the G7 countries, as of 2024.
BRICS advocates reducing reliance on the United States (US) dollar in global trade, exploring alternatives like local currency transactions or a potential BRICS currency, though progress is slow due to economic disparities among members.
Also, US President Donald Trump has threatened to impose 100% tariffs on BRICS nations if they took actions to undermine the dollar.
What does Nigeria stand to gain from being a partner country?
Nigeria’s entry into BRICS presents an opportunity to expand its influence in global decision-making and foster stronger economic and diplomatic partnerships with member and partner countries.
In January, Onanuga said, besides BRICS as a group, Nigeria was also pursuing membership in the BRICS New Development Bank (NDB).
As a BRICS member, Nigeria can access financing from the BRICS NDB for infrastructure, energy, and sustainable development projects. This is critical for addressing Nigeria’s infrastructure deficit, estimated at $100 billion annually by the African Development Bank.
For example, projects like road construction or power could benefit from NDB loans, which offer alternatives to IMF and World Bank funding with fewer conditionalities.
FURTHER READING
Also, BRICS membership facilitates trade partnerships with major economies like China and India, which account for significant portions of global trade. Nigeria could boost exports of oil, gas, and agricultural products (e.g., cocoa, sesame) to BRICS nations, reducing dependence on Western markets.
Philip Ibitoye is a Special Correspondent with EKO HOT BLOG. Click here to find daily analysis and critical insight on trending issues in Lagos and other parts of Nigeria.
Click here to watch the video of the week below:
