Nigeria has officially joined the BRICS group of emerging-market powers.
BRICS, which stands for Brazil, Russia, India, China and South Africa, has been pushing to expand in recent years as it grows in clout and has accepted other countries including Egypt, Ethiopia, Indonesia and the United Arab Emirates.
The enlarged alliance might challenge the US dollar’s dominance in oil and gas trading and become a stronger counterweight to the G7.
Photo: EPA-EFE
Nigeria’s acceptance of the BRICS’ invitation was communicated by Nigerian Ministry of Foreign Affairs acting spokesperson Kimiebi Ebienfa in a statement on Saturday.
“Nigeria has accepted the invitation to join BRICS as a partner country. The formal acceptance to participate as a partner country underscores Nigeria’s commitment to fostering international collaboration, leveraging economic opportunities and advancing strategic partnerships that align with Nigeria’s development objectives,” it said.
“BRICS, as a collective of major emerging economies, presents a unique platform for Nigeria to enhance trade, investment and socio-economic cooperation with member countries,” it added.
Nigeria, Africa’s most populous nation, has been battling soaring inflation and is to roll out new rules to simplify its tax system.
The level of tax collection is one of the lowest globally, constraining Nigeria’s public finances and limiting how much it can invest in essential services and infrastructure, the World Bank has said.
Last month, China and Nigeria renewed a 15 billion yuan (US$2 billion) currency-swap arrangement designed to boost trade and investment between the two countries.
Separately, 77 people have died in north-central Nigeria after a gasoline tanker exploded, the country’s emergency response agency said.
The blast happened in the early hours of Saturday near the Suleja area of Niger state after individuals attempted to transfer gasoline from one tanker to another truck using a generator.
The fuel transfer sparked the explosion, resulting in the deaths of those transferring the gasoline and bystanders, said Hussaini Isah, of Nigeria’s National Emergency Management Agency.
Search and rescue operations were under way, he said.
Additional reporting by staff reporter
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