Vice President Kashim Shettima has clarified Nigeria’s position on applying for membership in the BRICS economic bloc, which includes Brazil, Russia, India, China, and South Africa, stating that Nigeria needs to examine the conditions involved.
BRICS had convened for a summit in Johannesburg, South Africa, from August 22 to 24, during which it revealed its intention to include six new members – Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates – in the upcoming year.
Shettima acknowledged that Nigeria had not pursued BRICS membership at this time, explaining that various factors warranted careful examination before making a decision.
Shettima said, “So far, we have not applied for the membership of BRICS. And it is majorly informed by the fact that my principal President Bola Ahmed Tinubu is a true democrat that believes in consensus building.
“There are so many variables that need to be taken into cognizance. We have to evaluate so many tendencies and issues that require engagements with the economic advisory council, the Federal Executive Council, and even the National Assembly before an informed decision towards joining the BRICS would be taken.”
READ ALSO: Putin Orders Wagner Fighters to Sign Oath of Allegiance Following Prigozhin’s Possible Death
South African President Cyril Ramaphosa announced Thursday that the BRICS club of emerging nations will admit six new members, of which Ethiopia and Egypt are set to become the two member-nations from Africa to join South Africa in BRICS.
The newly admitted countries would become full members from January 1, 2024.
GOOD EVENING NIGERIA reports that BRIC, coined in 2001 has been reportedly lobbied for by over 40 nations.
Analysts opined that joining the Organisation will help boost the economic of nation.
The BRICS members represent over 42% of the world’s population and account for nearly a quarter of global gross domestic product (GDP) and 18% of trade.
READ ALSO: World Athletics Championships: NOC comforts Amusan
Among its notable achievements has been the establishment of the New Development Bank or the BRICS bank, a multilateral development bank with $50 billion (€45.6 billion) in subscribed capital to fund infrastructure and climate-related projects in developing countries. The bank, which includes BRICS members as well as Bangladesh, Egypt and the United Arab Emirates among its shareholders, has so far approved more than $30 billion in loans since its inception in 2015. By comparison, the World Bank committed more than $100 billion in 2022 alone.
The BRICS have also created a $100 billion Contingency Reserve Arrangement, a foreign currency liquidity facility that the members can tap into during global financial turmoil.
