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Home Economy

Nigeria pledges support for BRICS to drive global finance reforms and multilateral cooperation among partners 

Israel Ojoko by Israel Ojoko
April 30, 2025
in Economy
Nigeria pledges support for BRICS to drive global finance reforms and multilateral cooperation among partners 
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Nigeria’s Foreign Minister, Yusuf Tuggar, has reaffirmed the country’s commitment to the BRICS group, pledging support for its mission to establish a fairer, rules-based international order.

Tuggar made this declaration during the BRICS Foreign Ministers’ Meeting held in Rio de Janeiro, Brazil, where he emphasized Nigeria’s alignment with the bloc’s vision for global financial reform and multilateral cooperation.

BRICS, originally comprising Brazil, Russia, India, China, and South Africa, has expanded to include Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates, with Nigeria joining as a partner nation in January 2025.

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Nigeria’s Role in an Expanding BRICS Bloc 

The bloc now represents half of the world’s population and accounts for approximately 40% of global GDP, positioning itself as a significant force in global economic and political discourse.

Tuggar expressed Nigeria’s gratitude to Brazil and BRICS for granting the country Partner Country status, describing it as a step toward a more inclusive global system.

“At a time when global institutions face growing strain, Nigeria stands with BRICS in championing a fairer, rules-based international order. We support reforms in global finance, peace and security, and UN governance,” Tuggar stated.

Addressing Global Challenges Through Multilateralism 

Tuggar highlighted the unprecedented challenges facing global institutions, including climate change, governance gaps, public health crises, technological disruptions, and economic instability.

He reiterated Nigeria’s support for Brazil’s 2025 BRICS priorities, which focus on fostering fairness, sustainability, and mutual respect within the multilateral system.

“Nigeria offers a dynamic, youthful population, a strategic market, and strong credentials in peacekeeping and South-South cooperation,” Tuggar added, emphasizing the country’s potential contributions to the bloc’s objectives.

Strengthening Nigeria-Brazil Relations 

As part of his engagements in Rio de Janeiro, Tuggar held discussions with the top management of Petrobras, Brazil’s national oil company, to explore strategic energy sector cooperation.

“We also discussed ways to deepen Nigeria-Brazil ties through shared investment opportunities and sustainable economic growth,” he noted.

The BRICS meeting marked the first gathering of its kind since Trump-era policies disrupted the global economy and weakened traditional multilateral institutions like the Group of 20 (G-20).

During the meeting, foreign ministers deliberated on strategies to address tariff upheavals and enhance cooperation among Global South nations.

What you should know 

Under Brazil’s yearlong presidency, BRICS foreign ministers will prioritize aggressive climate action, public health cooperation, strengthened trade ties, and a defense of multilateralism.

  • Brazilian officials have emphasized that the bloc’s purpose is not to challenge U.S. leadership but to promote the development of emerging economies.

“The view that BRICS is an anti-American bloc is completely wrong,” Brazilian ambassador Mauricio Lyrio stated during a preparatory meeting. “The bloc was created to promote the development of developing countries, not to antagonize rich countries.” 

Nevertheless, Brazil’s agenda positions BRICS as a potential bulwark of multilateralism, particularly as Trump’s policies have undermined global institutions.

Since taking office, Trump has withdrawn the U.S. from the Paris Agreement and the World Health Organization, gutted foreign aid programs, and raised doubts about American participation in the G-20.

A Vision for Inclusive Global Governance 

Nigeria’s inclusion in BRICS reflects its commitment to advocating for reforms in international organizations and strengthening ties among developing nations.

Tuggar’s remarks underline the country’s dedication to multilateralism and sustainable development, aligning with BRICS’ broader mission to reshape global governance frameworks.


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Tags: BRICS Foreign Ministers’ MeetingNigeriaYusuf Tuggar
Israel Ojoko

Israel Ojoko

Israel Ojoko is a dynamic journalist renowned for his in-depth coverage and insightful analysis on a diverse range of topics. With a keen eye for detail and a passion for storytelling, Israel has penned impactful articles on the economy, political developments, fintech, and cybersecurity, among many others. His dedication to uncovering the multifaceted narratives has established him as a trusted voice and influential figure in contemporary journalism.

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