BRICS Expansion: Is Nigeria Replacing Argentina in the Crypto Race?

• Nigeria Eyes BRICS Membership After Argentina Declines
• Nigeria Signals Interest in Joining BRICS and G20
• The Decline of Argentina's Invitation
• Nigeria's Keenness for Membership
• Nigeria's Strategic Move Towards BRICS

Nigeria Eyes BRICS Membership After Argentina Declines

The BRICS 2023 annual summit brought a surprising development. The alliance revealed a plan to extend its reach to six more countries. However, with a change of government in one of these targeted nations, the invitation was turned down. Despite this setback, the BRICS group remains committed to growth, and Nigeria may emerge as the replacement for Argentina as a new expansion nation.

Nigeria Signals Interest in Joining BRICS and G20

Nigeria has expressed its ambition to become a member of both the BRICS and G20 alliances within the next two years, as reported by Bloomberg. Notably, the country along with Pakistan has been vocal about its intention to join this economic alliance. Given this, both countries might have a substantial likelihood of becoming the new sixth member of the group.

The Decline of Argentina's Invitation

For a large part of this year, the BRICS alliance has been exploring potential expansion strategies. These discussions materialized during the annual summit when the inclusion of six nations was announced. Unexpectedly, one nation declined the alliance's invitation amidst a shift in political leadership.

Argentina officially refused to join the alliance in the wake of the appointment of the newly elected president, Javier Milei, who has opted for stronger ties with Western nations. Despite this, the BRICS alliance could continue its expansion strategy with a new partner such as Nigeria.

Nigeria's Keenness for Membership

Nigeria has been adamant about its intention to be part of BRICS and the G20. In fact, it stands alongside Pakistan as one of two countries that have publicly expressed their eagerness to join the economic alliance. Unlike Argentina, Nigeria shows a unique trait on its potential path toward membership; a strong desire.

Nigeria's Strategic Move Towards BRICS

With the growing influence of BRICS, Nigeria's planned involvement comes from its aspiration for a larger global influence. Its renewed determination to play a significant role in the geopolitical agenda has brought it to the doorsteps of the BRICS alliance. Since Argentina has declined, Nigeria could bring much more value to the bloc.

Nigeria, being one of the larger countries globally, can bring a lot to the table. Furthermore, Yusu Tuggar, the Minister of Foreign Affairs, has been vocal about her interest in seeking partnerships with various multi-lateral organizations. She believes that Nigeria, being one of the largest countries in terms of population and economy, should be part of influential groups like BRICS and the G20.

Edited by Jonathan Stoker