As of January 2025, Nigeria has been formally admitted as a ‘partner country’ of the BRICS (Brazil, Russia, India, China, and South Africa) bloc. This status enables participation in certain BRICS activities and dialogue, but does not confer full membership with voting rights.
This ‘partner country’ category was created during the 16th BRICS Summit in Kazan, Russia (October 2024), where 13 new partner nations, including Nigeria, were officially included.
However, not much has been heard about becoming a full member in recent times, but the designation as a partner country of the BRICS signals a significant shift in its international economic diplomacy.
The aspiration, in late 2024, sparked strong debate over the feasibility, implications, and timing of Nigeria’s eventual application for full membership in the BRICS. While the move could offer opportunities for strategic economic realignment, it also raises important questions about readiness, risk, and economic sovereignty.
At the heart of the debate is BRICS’ growing global relevance. With a combined GDP that stood at 31.5 percent of global output in 2023, surpassing the G7’s 30.7 percent, the bloc is increasingly positioning itself as a counterweight to Western-dominated institutions like the IMF and World Bank.
In 2024, the BRICS bloc welcomed six new members – Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE – expanding its influence and diversifying its geopolitical reach. In January 2025, Nigeria was among 13 countries admitted as partner nations, a newly created status that opens the door to collaboration without conferring full membership.
The announcement followed years of speculation and growing interest within Nigeria’s political elite. Vice President Kashim Shettima had attended the 15th BRICS Summit in South Africa in 2023, where he clarified that Nigeria had not yet applied for full membership. That position was reinforced by Nigeria’s Foreign Minister, Yusuf Tuggar, who later stated that while Nigeria supports BRICS’ objectives, it would join “at the right time,” after careful internal evaluation and alignment with national priorities.
Still, the economic incentives are tempting. For a country grappling with currency instability, high inflation, and persistent external debt, joining BRICS offers a potential pathway toward alternative trade and financial frameworks, especially one less dependent on the US dollar. Human rights activist Femi Falana has been a vocal supporter of this idea, urging the government to sell Nigeria’s crude oil and gas in naira to boost domestic currency demand. “Let those who want to buy our products look for naira,” Falana said, arguing this would enhance Nigeria’s monetary independence and economic resilience.
This sentiment is not isolated. BRICS has actively explored alternatives to the dollar in inter-member trade. India, for instance, now settles some oil transactions with Russia in rupees and rubles. Such experiments have made headlines as BRICS economies seek to insulate themselves from Western financial sanctions and external shocks.
However, this strategy is not without risk. Critics argue that Nigeria’s economic fundamentals are not yet strong enough to sustain such a radical shift. Selling oil in naira might boost the currency strategically, but it may also deepen the dollar liquidity crisis and hamper the country’s ability to fund imports, service external debt, or stabilise reserves. “The strength of your currency is a function of demand, productivity, and investor confidence,” says Professor Uche Uwaleke, a financial economist. “Without a diversified export base and strong manufacturing, ditching the dollar prematurely could backfire.”
Moreover, Nigeria’s overreliance on crude oil exports complicates the issue. Despite ongoing reforms, oil still accounts for over 85 percent of export earnings and around half of government revenue. Without value-added industrial exports or robust intra-African trade, Nigeria may find itself poorly positioned to reap the full benefits of BRICS integration.
Amid these debates, calls for a more holistic development strategy are growing louder. Dr Akinwumi Adesina, former president of the African Development Bank, offered a roadmap for Nigeria’s future, one focused not on external alignments alone but on internal transformation. Speaking in Lagos while receiving the 2023 Obafemi Awolowo Prize for Leadership, Adesina outlined five critical pillars for sustainable development: food security, universal healthcare, education for all, affordable housing, and government accountability.
His call was underpinned by hard data and real investment. The AfDB had committed over $8.5 billion to agriculture in Africa over the past seven years, including $518 million for special agro-industrial processing zones in Nigeria. Similarly, in the health sector, the bank had launched a $10 billion facility to support pandemic preparedness and a $3 billion plan to overhaul the pharmaceutical industry. These investments reflect a long-term vision grounded in inclusive growth and people-centred development.
Adesina’s warning about rural collapse leading to insecurity is especially sensitive. With over 70 percent of Nigeria’s population residing in rural areas, empowering these communities is crucial. As he rightly noted, rural neglect can breed unrest, terrorism, and economic stagnation. Likewise, his concerns about Nigeria’s education system, where millions of children remain out of school, highlight the foundational weaknesses that must be addressed before pursuing global economic prestige.
BRICS membership, or even partnership, cannot substitute for strategic domestic reform. Nigeria’s economic viability in any international alliance depends on its ability to harness internal strengths, reduce dependence on volatile commodities, and build institutions that inspire investor and citizen confidence.
Thus, while BRICS offers exciting possibilities, especially in terms of financial diversification, geopolitical influence, and trade reform, it is not the solution. Nigeria must engage the bloc not as a shortcut to prosperity, but as one piece in a larger puzzle that includes fiscal discipline, infrastructure development, human capital investment, and democratic governance.
Nigeria’s BRICS ambition is both viable and risky. The potential benefits are real, but so are the pitfalls. Success will depend not on what BRICS can do for Nigeria, but on what Nigeria is willing and able to do for itself. With bold leadership, sound policy, and citizen-focused reforms, BRICS can serve as a bridge to a more resilient economy. Without these, it may prove just another geopolitical diversion.
