• Nigeria was officially admitted as a partner country of the BRICS bloc, which includes Brazil, Russia, India, China, and South Africa.
• This strategic move aims to bolster Nigeria’s economic and diplomatic ties with leading emerging economies.
• The announcement was made by Brazil’s Foreign Ministry, highlighting Nigeria’s significant role in strengthening South-South cooperation and advocating for global governance reforms.
• Nigeria is Africa’s largest economy and the world’s 6th most populous country.
• BRICS now includes 9 partner countries: Nigeria, Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, Uzbekistan.

BRICS

• BRICS is an intergovernmental organisation that originally consisted of four countries: Brazil, Russia, India, and China.
• British economist Jim O'Neill, working for Goldman Sachs, coined the acronym BRIC (Brazil, Russia, India, and China) in 2001. He believed that these countries would dominate global economic growth by 2050.
• The first foreign minister’s meeting of the BRIC countries was held in New York in 2006.
• The first summit meeting of the leaders of the BRIC countries was held in June 1996 in Yekaterinburg, Russia.
• The group's name was changed to BRICS after South Africa joined the group in 2010. 
• With the addition of Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates, the total number of BRICS members has reached 10. 
• Russia will host the 16th annual BRICS summit from 22 to 24 October 2024
• The next  BRICS  foreign ministers' meeting will be held on the margins of the 79th United Nations General Assembly meeting in New York starting on 10 September 2024. Brazil will host the meeting as it will be the next chairman of BRICS after Russia.

Date: Current Affairs - 24-01-2025
Category: International

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