Nigeria's Entry into BRICS as a Partner Country

Nigeria has officially become a member of the emerging-market powers' BRICS alliance. As its influence has grown in recent years, BRICS—which stands for Brazil, Russia, India, China, and South Africa—has been trying to include Egypt, Ethiopia, Indonesia, and the United Arab Emirates. Additionally, the organization has several associate states, such as Thailand and Malaysia.  

On January 17, 2025, the Brazilian government formally announces Nigeria's entrance as a partner nation of BRICS, as part of its pro tempore chairmanship of the group. The Nigerian government's decision is welcomed by the Brazilian government. Nigeria joins Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan as the ninth BRICS partner nation.

At the 16th BRICS Summit, which took place in Kazan in October 2024, this partner-country category was established. Nigeria, one of the continent's largest economies and home to the sixth-largest population in the world has similar interests with other BRICS members. It actively contributes to global governance reform and South-South cooperation, two themes that are of utmost importance under Brazil's present presidency. Let us explore the impact of Nigeria’s entry into the BRICS and its impact on the Global trade data. 

What is BRICS?

BRICS is an acronym that stands for Brazil, Russia, India, China, and South Africa. These five countries are known for their rapidly growing economies and significant influence on the global stage. Originally conceived as a forum for cooperation between emerging economies, BRICS has evolved into an influential player in global economic and political affairs.

Why did Nigeria join BRICS?

Nigeria, often referred to as the "Giant of Africa," is the largest economy on the continent. With a population of over 200 million people and abundant natural resources, Nigeria has the potential to become a major player in the global economy. By joining BRICS as a partner country, Nigeria can leverage the resources and expertise of the other member states to drive economic growth and development.

What Does This Mean for Nigeria?

For Nigeria, joining BRICS presents a tremendous opportunity to accelerate economic growth and diversification. By partnering with some of the world's fastest-growing economies, Nigeria can attract foreign investment, expand its export markets, and strengthen its position on the global stage. Additionally, collaborating with BRICS member states can help Nigeria address key challenges such as infrastructure development, industrialization, and poverty alleviation.

Nigeria's Import-Export with BRICS Nations in the Last 10 Years: Nigeria Trade Data by Country

Over the last decade, Nigeria has significantly expanded its import-export partnerships with BRICS nations, comprising Brazil, Russia, India, China, and South Africa. The trade data indicates a growing economic interdependence between Nigeria and these powerhouse economies, with bilateral trade volumes showing promising trends. According to Nigeria import data and Nigeria export data, Nigeria's trade with BRICS countries reflects a diversified portfolio, fueling economic growth and fostering a stable commercial foundation. The following table shows Nigeria's Import-Export trade data with the BRICS nations over the last 10 years, highlighting the multilateral trade relations as per the Nigeria customs data. 

Nigeria's Trade with Brazil

Nigeria has fostered a significant economic relationship with Brazil, reflecting a robust total trade volume of $2.13 billion. In this trade partnership, Nigeria's total imports from Brazil have reached $1.36 billion, highlighting the country's reliance on Brazilian goods and services. Conversely, Nigeria's total exports to Brazil amount to $778.32 million as per the Brazil import data, illustrating the efforts to increase trade balance and promote local industries.

Top 10 Nigeria Imports from Brazil

1. Sugars and Sugar Confectionery: $979.68 million
2. Beverages, spirits, and vinegar: $75.70 million
3. Mineral fuels and oils: $72.72 million
4. Aircraft, spacecraft, and parts thereof: $37.77 million
5. Salt, sulfur, lime, and cement: $36.95 million
6. Organic chemicals: $33.75 million
7. Cereals: $28.41 million
8. Paper and paperboard: $26.58 million 
9. Tobacco: $16.11 million
10. Nuclear reactors and machinery: $12.05 million

Top 10 Nigeria Exports to Brazil

1. Fertilizers: $467.34 million
2. Mineral fuels and oils: $300.32 million
3. Glass and Glassware: $7.15 million
4. Aluminum and articles thereof: $1.87 million
5. Live trees and other plants: $805K
6. Edible fruit and nuts: $175K
7. Products of animal origin, not elsewhere specified: $136K
8. Man-made staple fibers: $131K
9. Optical, medical, and surgical instruments: $87K
10. Cocoa and Cocoa preparations: $84K

Nigeria's Trade with Russia

Nigeria's trade relationship with Russia reflects a total trade volume of $1.409 billion, underscoring a significant economic interaction between the two nations. The data reveals that Nigeria imports goods worth $1.40 billion from Russia, showcasing a robust flow of products into the Nigerian market. In contrast, Nigeria's exports to Russia amount to $9.32 million, illustrating a trade surplus in favor of Russia.

Top 10 Nigeria Imports from Russia

1. Mineral fuels and oils: $1.10 billion
2. Cereals: $221.48 million
3. Products of the milling industry: $32.67 million
4. Fish and seafood: $28.76 million
5. Fertilizers: $12.58 million
6. Inorganic chemicals: $6.85 million
7. Paper and paperboard: $558K
8. Pharmaceutical products: $439K
9. Organic chemicals: $257K
10. Miscellaneous chemical products: $169K

Top 10 Nigeria Exports to Russia

1. Live trees and other plants: $6.94 million
2. Oil seeds and oleaginous fruits: $1.36 million
3. Nuclear reactors and machinery: $777K
4. Cocoa and cocoa preparations: $128K
5. Coffee, tea, and spices: $101K
6. Edible fruit and nuts: $75K
7. Lac, gums, and resins: $69K
8. Vegetable plaiting materials: $50K
9. Animal or vegetable fats and oils: $35K
10. Meat and fish preparations: $10K

Nigeria's Trade with India

Nigeria's trade relationship with India reflects a significant total trade volume of $9.94 billion, emphasizing the economic ties between the two nations. Noteworthy is Nigeria's imports from India amounting to $4.87 billion, while its exports to India stand at $5.07 billion. This trade balance portrays a mutually beneficial partnership.

Top 10 Nigeria Imports from India

1. Mineral fuels and oils: $2.56 billion
2. Nuclear reactors and machinery: $490.38 million
3. Vehicles: $299.78 million
4. Pharmaceutical products: $295.11 million
5. Electrical machinery and equipment: $244.38 million
6. Organic chemicals: $102.36 million
7. Paper and paperboard: $88.72 million
8. Plastics and articles thereof: $73.64 million
9. Miscellaneous chemical products: $65.73 million
10. Articles of iron or steel: $46.02 million

Top 10 Nigeria Exports to India

1. Mineral fuels and oils: $4.74 billion
2. Oil seeds and oleaginous fruits: $178.41 million
3. Edible fruit and nuts: $72.66 million
4. Aluminum and articles thereof: $23.50 million
5. Coffee, tea, and spices: $17.83 million
6. Raw hides and skins: $15.90 million
7. Edible vegetables: $3.41 million
8. Copper and articles thereof: $1.82 million
9. Lead and articles thereof: $1.78 million
10. Animal or vegetable fats and oils: $1.73 million

Nigeria's Trade with China

Nigeria's trade relationship with China has seen significant growth, with the total trade amounting to $12.63 billion. The amount reflects Nigeria's strong reliance on Chinese imports, with imports from China totaling $11.13 billion. On the export side, Nigeria has exported goods and services worth $1.50 billion to China, showcasing some level of trade balance.

Top 10 Nigeria Imports from China

1. Nuclear reactors and machinery: $2.80 billion
2. Electrical machinery and equipment: $1.68 billion
3. Vehicles: $628.45 million
4. Paper and paperboard: $470.24 million
5. Articles of iron or steel: $464.83 million
6. Plastics and articles thereof: $417.23 million
7. Optical, medical, and surgical instruments: $375.36 million
8. Miscellaneous chemical products: $365.67 million
9. Organic chemicals: $247.70 million
10. Iron and steel: $194.69 million

Top 10 Nigeria Exports to China

1. Mineral fuels and oils: $1.09 billion
2. Oil seeds and oleaginous fruits: $131.48 million
3. Ores, slag, and ash: $95.62 million
4. Copper and articles thereof: $71.14 million
5. Live trees and other plants: $39.40 million
6. Aluminum and articles thereof: $15.73 million
7. Organic chemicals: $9.50 million
8. Salt, sulfur, lime, and stone: $8.49 million
9. Ships, boats, and floating structures: $7.58 million
10. Inorganic chemicals: $6.80 million

Nigeria's Trade with South Africa

Nigeria's trade relationship with South Africa boasts a robust total trade volume of $2.67 billion, underscoring the significant economic ties between the two nations. Nigeria imports goods worth $490.77 million from South Africa, showing a balanced exchange of goods and services. Impressively, Nigeria exports a substantial sum of $2.18 billion to South Africa, highlighting the country's competitive offerings in the international market.

Top 10 Nigeria Imports from South Africa

1. Plastics and articles thereof: $79.71 million
2. Edible fruit and nuts: $78.70 million
3. Preparations of vegetables, fruits, and nuts: $36.46 million
4. Electrical machinery and equipment: $33.85 million
5. Nuclear reactors and machinery: $32.07 million
6. Aircraft spacecraft and parts thereof: $30.12 million
7. Vehicles: $27.67 million
8. Organic chemicals: $21.07 million
9. Miscellaneous edible preparations: $12.14 million
10. Ships, boats, and floating structures: $11.33 million

Top 10 Nigeria Exports to South Africa

1. Mineral fuels and oils: $2.15 billion
2. Fertilizers: $32.41 million
3. Rubber and articles thereof: $2.84 million
4. Coffee, tea, and spices: $755K
5. Edible fruit and nuts: $368K
6. Copper and articles thereof: $290K
7. Aluminum and articles thereof: $289K
8. Essential oils, perfumery, and cosmetics: $232K
9. Nuclear reactors and machinery: $202K
10. Beverages, spirits, and vinegar: $179K

Implications for BRICS

The inclusion of Nigeria as a partner country represents a significant expansion of the BRICS group. With Nigeria's vast market potential and strategic location in West Africa, BRICS gains access to new opportunities for trade and investment. Nigeria's membership also enhances the group's influence in international affairs, particularly in matters relating to Africa and developing countries.

Global Impact of Nigeria Joining the BRICS

Nigeria's entry into BRICS has far-reaching implications for the global economy. As the most populous country in Africa, Nigeria's economic success can have a ripple effect across the continent and beyond. By aligning itself with other emerging economies, Nigeria can help shape the future of global trade, investment, and development cooperation.

Challenges Ahead

While Nigeria's partnership with BRICS holds great promise, it also presents challenges that must be addressed. Nigeria will need to prioritize economic reforms, infrastructure investment, and institutional capacity building to reap the benefits of BRICS membership fully. Additionally, the country must overcome political, social, and security challenges to ensure stable and sustainable economic growth.

Conclusion and Final Thoughts

In conclusion, Nigeria's decision to join BRICS as a partner country marks a new chapter in the country's economic development and global engagement. By aligning itself with other emerging economies, Nigeria has the opportunity to unlock its full potential and become a key player in the international arena. As the world watches closely, Nigeria's partnership with BRICS has the potential to reshape the global economic landscape for years to come.