Nigeria will join BRICS at right time – Minister
Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar has reiterated the country’s interest in joining BRICS, an influential economic bloc comprising Brazil, Russia, India, China, and South Africa.
Tuggar made the disclosure during an appearance on Channels Television’s political program Politics Today on Sunday.
In August 2023, Vice President Kashim Shettima represented President Bola Tinubu at the 15th BRICS Summit, which took place at the Sandton Convention Centre in Johannesburg, South Africa.
The vice president’s attendance fueled speculation about Nigeria’s intentions regarding the bloc, which has been in existence for 16 years and positions itself as a counterweight to Western economic powers.
Tuggar explained that while Nigeria has not yet formally applied to join BRICS, the country would do so “at the right time.”
He noted that joining the bloc is indeed on the radar of the Tinubu administration.
The BRICS group has recently expanded, welcoming Egypt, Ethiopia, Iran, and the United Arab Emirates (UAE) as members effective January 1, 2024.
With over 40 countries expressing interest and 23 formally applying, the expansion is seen as a move to reshape global governance, with a focus on amplifying the voices of the global south in the new world order.
“We’ll join when the time is right. We never said we are not joining BRICS. It is about timing. We have already indicated our interest in joining but we have not formally written,” he said.
“We will do so at the right time when it is the most advantageous for us to do so. There are a lot of reforms going on internally for us to be able to make that move.
“Tinubu was in China recently and Vice-President Shettima visited China before that and in all the engagements, we have made it clear that we are interested in joining BRICS at the right time.”
The minister clarified that Nigeria is not currently negotiating debt forgiveness with China.
During the recent 79th session of the United Nations General Assembly (UNGA) in New York, Vice-President Kashim Shettima, representing President Bola Tinubu, advocated for reforms in the international financial system, emphasizing the need for “comprehensive debt relief measures” to ensure sustainable development financing.
When asked if Nigeria had initiated discussions with China regarding debt relief following Tinubu’s recent meeting with Chinese President Xi Jinping, the minister responded that no such talks were underway.
“No, that is not what we are discussing with China. And when it comes to the issue of debt, look at the debt-to-GDP ratio of Nigeria, we are not even among the critically indebted nations,” he said.
“When you talk about the debt of a developing country, Nigeria is not in that sort of precarious situation.
“As a matter of fact, China is prepared to lend more, China is prepared to invest more in Nigeria in terms of infrastructure development and other things.”
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