Nigeria Eyes BRICS Membership, to Join At the Right Time – Minister

Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, has reaffirmed the country’s interest in joining BRICS, an influential economic alliance consisting of Brazil, Russia, India, China, and South Africa.

During an interview on Channels Television’s Politics Today on Sunday, Tuggar highlighted that while Nigeria has not yet formally applied for BRICS membership, the country intends to do so when the timing is most beneficial.

In August 2023, Vice President Kashim Shettima attended the 15th BRICS Summit in Johannesburg, South Africa, representing President Bola Tinubu. His participation sparked discussions about Nigeria’s potential membership in the bloc, which has positioned itself as a counterbalance to Western economic powers over its 16-year history.

Tuggar stated that joining BRICS is a priority for the Tinubu administration, but the formal application will be submitted “at the right time.” He emphasized that strategic internal reforms are underway to prepare Nigeria for eventual membership.

“We’ve indicated our interest in BRICS but haven’t officially applied yet,” Tuggar explained. “We will do so when it is the most advantageous for Nigeria. Many reforms are ongoing internally, and we will make that move when the time is right.”

The BRICS bloc recently expanded its membership, with Egypt, Ethiopia, Iran, and the United Arab Emirates (UAE) set to join in January 2024. With over 40 countries expressing interest and 23 submitting formal applications, the expansion reflects a growing push to amplify the voices of developing nations in global governance.

On the subject of Nigeria’s debt relations with China, Tuggar dismissed reports that Nigeria is currently negotiating debt forgiveness with Beijing.

During the 79th United Nations General Assembly (UNGA) in New York, Vice President Shettima, speaking on behalf of President Tinubu, had called for reforms to the international financial system, stressing the need for “comprehensive debt relief measures” to support sustainable development. However, Tuggar clarified that Nigeria’s discussions with China have not included debt relief.

“No, that’s not what we’re discussing with China,” Tuggar said. “Nigeria is not among the critically indebted nations, based on our debt-to-GDP ratio. In fact, China is prepared to extend more loans and invest in infrastructure development in Nigeria.”

Tuggar’s remarks underscore Nigeria’s careful approach to its economic partnerships and its strategic interest in BRICS membership, while managing international debt in a measured and forward-looking manner.