Faith Nyasuguta
BRICS, the powerful economic bloc comprising Brazil, Russia, India, China, and South Africa, has been aggressively expanding over the past two years. With a mission to reshape the global economic landscape, BRICS is set on increasing its influence by bringing more countries into its fold. The group already represents a significant portion of the world, encompassing 42% of the global population, 30% of the planet’s landmass, and 24% of global economic output.
In a recent move to further its economic ambitions and reduce dependency on the US dollar, BRICS has added 13 new nations as partner countries during its latest summit. Among these new entrants are three African countries: Nigeria, Algeria, and Uganda. This expansion marks a significant shift, with these nations poised to benefit from enhanced trade, investment, and technological cooperation within the BRICS framework.
Nigeria
As Africa’s most populous country, Nigeria has long been a key player on the continent. With a robust economy driven primarily by its oil and gas industry, Nigeria is a strategic addition to BRICS. The country’s leadership has previously expressed a strong desire to enhance cooperation in trade, technology, and security within the BRICS alliance.
With over 200 million people, Nigeria’s vast consumer market is highly attractive to BRICS countries looking to expand their trade and investment opportunities in Africa. Strengthening ties with BRICS could open up new markets for Nigeria, attract foreign investment, and provide access to valuable technological advancements.
Algeria
Algeria, a major producer of hydrocarbons, plays a crucial role in Africa’s energy sector. The country recently gained approval to join the BRICS New Development Bank (NDB), signifying its strategic importance within the alliance. Algeria’s involvement in BRICS is expected to bolster its energy sector and stimulate economic growth through increased investment and trade partnerships.
Uganda
Uganda, with an economy heavily reliant on agriculture and natural resources, stands to gain significantly from its new partnership with BRICS. By aligning with some of the world’s largest emerging markets, Uganda is positioning itself to benefit from deeper economic ties. Increased foreign investment and trade in sectors such as oil, minerals, coffee, and tea are anticipated to drive economic development and improve living standards for its population.
The addition of these African countries to BRICS as partner nations highlights the bloc’s commitment to broadening its reach and influence. It is essential to understand the distinction between BRICS members and partners. Official members have voting rights in bloc decisions, full participation in summits and meetings, and a complete commitment to representing BRICS. In contrast, BRICS partners have limited involvement in BRICS activities and can participate in other international initiatives without being fully committed to the bloc.
While the new BRICS partners have the potential to become full members in the future, they are not being inducted as members immediately, for reasons known only to the bloc.
Other countries recognized as BRICS partners include Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uzbekistan, and Vietnam. The growing list of partners reflects the bloc’s ambition to create a more balanced and multipolar world order.
The expansion of BRICS and the inclusion of new partner countries signify a new dawn for African collaboration and economic integration. By joining forces with BRICS, African nations stand to benefit from increased trade, investment, and technology transfer. This collaboration has the potential to drive economic growth, create jobs, and improve living standards across the continent.
As BRICS continues to grow and evolve, its influence on the global stage is set to increase. The inclusion of African nations not only strengthens the bloc but also highlights the importance of Africa in the global economic landscape. The future looks promising for African countries within BRICS, as they work together to achieve shared goals and create a more prosperous and interconnected world.
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