Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, has confirmed the country’s ongoing interest in joining BRICS, the influential economic bloc that includes Brazil, Russia, India, China, and South Africa.
Tuggar made the announcement during a recent appearance on Channels Television’s political program, Politics Today, highlighting that while Nigeria has not yet formally applied for membership, it plans to do so “at the right time.”
The discussion follows Vice President Kashim Shettima’s attendance at the 15th BRICS Summit in Johannesburg, South Africa, in August 2023, where he represented President Bola Tinubu.
The participation fueled speculation regarding Nigeria’s intentions toward the bloc, which aims to serve as a counterweight to Western economic powers.
Tuggar elaborated, “We’ll join when the time is right. We never said we are not joining BRICS. It is about timing. We have already indicated our interest in joining but we have not formally written.”
He emphasized that the Tinubu administration is keenly monitoring the situation and preparing for a future application.
The BRICS group is set to expand on January 1, 2024, with the addition of Egypt, Ethiopia, Iran, and the United Arab Emirates (UAE).
The expansion comes amid interest from over 40 countries, with 23 having formally applied for membership, aiming to reshape global governance and amplify the voices of the global south.
Tuggar noted ongoing internal reforms in Nigeria that must be completed before a formal application is made.
He also mentioned that recent high-level visits, including President Tinubu’s trip to China and Vice President Shettima’s earlier visit, have reaffirmed Nigeria’s intent to join BRICS at the most advantageous time.
Additionally, the minister clarified that Nigeria is not currently negotiating debt forgiveness with China.
In a statement addressing debt concerns, Tuggar pointed out that Nigeria’s debt-to-GDP ratio does not place it among critically indebted nations.
He reiterated, “China is prepared to lend more; China is prepared to invest more in Nigeria in terms of infrastructure development and other things.”
As Nigeria navigates its foreign relations and economic strategies, the interest in BRICS signifies a potential shift toward strengthening ties with emerging economies and fostering a more balanced global economic landscape.
In a related development, Nigeria has solicited Finland’s support in its bid for a permanent seat on the United Nations Security Council.
VP Shettima made the appeal during a meeting with President Alexander Stubb of Finland on the sidelines of the 79th Session of the United Nations General Assembly in New York, United States.
Vice President Shettima highlighted Nigeria’s leadership role in Africa and its commitment to fostering democratic values, urging Finland to back Nigeria’s quest for a seat on the UN Security Council.
