Source: TH
Context: Nigeria has been officially admitted as a “partner country” of the BRICS bloc, which now includes nine partner nations alongside its full-time members.
About BRICS Bloc:
- Established in: BRICS was formally established in 2009, initially as BRIC (Brazil, Russia, India, and China). South Africa joined in 2010, forming BRICS.
- Headquarters: BRICS does not have a permanent headquarters but operates on a rotational presidency.
- Full-Time Members: The bloc consists of Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, United Arab Emirates and Indonesia.
- In 2023 BRICS expanded: Iran, Egypt, Ethiopia and the United Arab Emirates. Saudia Arabia has been invited to join, but has not yet done so.
- In 2025, Indonesia has joined as a full member.
- Partner Nations: BRICS partner nations include Nigeria, Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan.
- Evolution:
- 2006: Formed during a G8 Outreach Summit.
- 2009: First BRIC summit held in Yekaterinburg, Russia.
- 2010: South Africa joined, becoming BRICS.
- 2014: Established the New Development Bank (NDB) at the Fortaleza Summit.
- Functions:
- Economic Cooperation: Promote trade and investment among member nations.
- Global Governance Reform: Advocate for fairer representation in global institutions like the UN and IMF.
- Development Projects: Fund infrastructure and sustainable development initiatives through the NDB.
- South-South Cooperation: Strengthen alliances among developing nations to address global challenges collectively.
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