Nigeria’s recent acceptance of BRICS’ invitation as a partner country has sparked debate about the potential benefits and risks of this new status. As the world’s largest black nation and Africa’s largest economy, Nigeria’s decision to align itself with the emerging economic bloc represents a strategic move to diversify its economic partnerships while carefully managing relations with its Western allies.
BRICS, originally formed in 2006 by Brazil, Russia, India, and China, expanded in 2010 to include South Africa and added four new members—Egypt, Ethiopia, Iran, and the UAE—in 2023. Nigeria’s inclusion as a partner country, announced at the 16th annual BRICS summit in Kazan, Russia, in 2025, places it in a unique position to benefit from the group’s economic initiatives, particularly through access to financing and investment opportunities.
A primary advantage for Nigeria is the potential funding from the BRICS-led New Development Bank (NDB), established as an alternative to the Western-dominated financial institutions like the World Bank and International Monetary Fund. The NDB provides loans in local currencies, reducing dependency on foreign exchange reserves and fostering economic stability. Given Nigeria’s persistent budget deficit—around 5% of GDP since 2019—this new source of funding could be crucial for infrastructure, agriculture, and manufacturing investments.
Beyond financial benefits, Nigeria’s BRICS partnership offers avenues for greater geopolitical influence. The bloc’s members include China and Russia, both permanent members of the UN Security Council. Should Nigeria push for a permanent African seat at the UN Security Council, BRICS backing could strengthen its bid. Additionally, participation in high-level BRICS meetings and summits will enable Nigeria to contribute to global policy discussions, increasing its diplomatic leverage.
From an economic standpoint, BRICS membership may facilitate greater trade and investment. Countries like China, India, and the UAE are major investors in Africa, and Nigeria could leverage BRICS summits to attract foreign direct investment in technology, manufacturing, and infrastructure. Additionally, BRICS nations are at the forefront of frontier technologies like artificial intelligence, robotics, and 5G. Strengthening ties with these economies could enable Nigeria to build domestic capacity in these critical areas.
However, challenges remain. Nigeria must carefully balance its new BRICS affiliation with existing economic and political relationships. The U.S. and European nations remain Nigeria’s primary trade partners and sources of foreign aid. With former U.S. President Donald Trump threatening sanctions against BRICS members replacing the U.S. dollar as a reserve currency, Nigeria must navigate potential fallout from its Western partners.
Moreover, while BRICS aspires to weaken dollar dominance in global trade by promoting local currency transactions, the reality is more complex. Nearly 90% of global trade transactions rely on the U.S. dollar, and many BRICS members, including Egypt and the UAE, maintain close financial ties with the West. Nigeria, too, continues to engage in extensive trade with non-BRICS economies, meaning a full shift away from dollar transactions is unlikely in the near term.
Despite these concerns, Nigeria’s partnership with BRICS could yield significant long-term benefits. By securing financial support, fostering trade opportunities, and strengthening geopolitical influence, the country stands to gain from its association with the bloc. However, careful diplomacy and strategic economic planning will be essential to ensure Nigeria maximizes its BRICS partnership without jeopardizing its Western alliances or economic stability.
