Nigeria, 12 odas join Brics as partner kontris

As di BRICS summit dey come to an end for Russia, some kontris wey include Nigeria don join as partner kontris.

Na 13 new nations di group accept to join as partner kontris wey go dey di Brics initiative.

BRICS decide not to accept any new kontries as full members of di alliance for 2024.

Di 13 new nations dey work towards becoming full alliance members at a later date.

Brics member kontris

Full Members

Brazil

Russia

India

China

South Africa

UAE

Iran

Egypt

Ethiopia

Official Brics partner countries

Algeria

Belarus

Bolivia

Cuba

Indonesia

Kazakhstan

Malaysia

Nigeria

Thailand

Turkey

Uganda

Uzbekistan

Vietnam

Wetin Brics mean and how dem create di group

For 2021, one economist for di investment bank Goldman Sachs, Jim O'Neil, bin create di acronym "Bric" for Brazil, Russia, India and China.

Dem be large, middle-income kontris wey get fast-growing economies for dat time. Im predict say dem fit become di world leading economies by 2050.

For 2006, di four kontris decide to join togeda as di Bric group. South Africa join for 2010 to make am di Brics group.

How important di Brics group dey?

Togeda, di Brics kontris get population of 3.24 billion and dia combined national income na $26trn. Dat na 26% of di global economy.

However, according to di Atlantic Council, one US tink tank, di Brics nations get only 15% of di voting rights for di UN main financial institution, di International Monetary Fund (IMF).

Wetin dis year Brics suppos achieve?

Apart from providing Vladimir Putin im moment for di geopolitical stage, wetin be di tin wey dis event go dey likely to achieve?

Wit di mind to reduce di pressure from Western sanctions, di Kremlin leader go hope to convince Brics members to adopt an alternative to di dollar for global payments.

"A lot of di problems Russia economy dey face dey linked to cross-border trade and payments. And a lot of dat dey linked to di US dollar," na so Oga Weafer tok.

"Di US Treasury get ogbonge power and influence ova global trade simply becos di US dollar na di main currency for settling dat. Russia main interest na to break di dominance of di US dollar. E wan Brics kontris to create an alternative trade mechanism and cross-border settlement system wey no go involve di dollar, di euro or any of di G7 currencies, so sanctions no go mata so much."

But critics dey point to differences within Brics. "Likeminded" no be word you go use to describe di current membership.

"In some ways, na good job for di West say China and India no go ever agree about anytin. Becos if those two really serious, Brics go get ogbonge influence," na so Jim O'Neill, wey be former Chief Economist of Goldman Sachs tok.

"China and India dey do dia best to avoid to want to attack each oda lot of di time. To try to get dem to really co-operate on economic things na serious challenge."

Na Oga O’Neill wey, at di beginning of di century, bin dream about di acronym "Bric" for four emerging economies wey im believe say dem "suppose bring into di centre of global policy making".

But di four letters take on a life of dia own, afta di corresponding nations form dia own Bric group - later Brics, wen South Africa bin join.

Dem attempt to challenge di dominance of di G7: di world seven largest "advanced" economies (Canada, France, Germany, Italy, Japan, di UK and di US).

No be only just India and China wey get dia differences. Tension also dey between two of di newest Brics members, Egypt and Ethiopia. And, despite peace tok, Iran and Saudi Arabia dey one side, those two na regional rivals.

"Di idea of say all of dem go fundamentally agree on something of great substance dey crazy really," Oga O’Neill believe.

And while Russia, wey di anti-Western sentiment dey ginger, dey one side dey tok about creating a "new world order", oda Brics members, like India, dey look to retain good political and economic relations wit di West.

For Kazan, Vladimir Putin task go be to look ova di differences and paint a picture of unity, while im show di Russian public – and di international community – say im country dey far from isolated.