Economy
Nigeria, 15 others applied to join BRICS in only in 2023
Nigeria is one of the 16 countries that have just applied for membership of the growing BRICs club set out to achieve a new economic order. The16 countries that have formally applied to join BRICS in 2023 are Algeria, Cuba Bahrain, Bangladesh, Belarus, Bolivia, Hondura, Kuwait, Nigeria, Palestine, Senegal, Thailand, Venezuela, Indonesia, Kazakhstan and Vietnam. In addition, Afghanistan, Angola, Comoros, DR Congo Gabon, Guinea-Bissau, Mexico, Nicaragua, Pakistan, Sudan, Syria, Tunisia, Turkey, Uganda, Uruguay and Zimbabwe have expressed interest in membership of BRICS. Nigeria applied for membership of the growing club in 2023. A statement issued by the office of the Vice President said “President @officialABAT’s economic reforms and diplomatic alliances are intended to attract investments and partnerships to Nigeria, while aligning with international and regional cooperation, says the Vice President, @officialSKSM. According to him, “the new government, which began less than three months ago, is examining the variables and evaluating the scope and level of regional and global cooperation to pursue in order to establish Nigeria as the desired friend and partner.”
“The Vice President stated this in his address to world leaders at the 3rd BRICS-Africa Outreach and BRICS Plus Dialogue on the sidelines of the on-going 15TH BRICS Summit at the Sandton Convention Centre in Johannesburg, South Africa where he represented President Bola Ahmed Tinubu. Speaking to a large audience which includes Presidents of China, India, Brazil, South Africa and Russia’s Foreign Minister on the theme, ‘BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism,’, VP Shettima said the theme “underscores the profound realisation that the cornerstone of stability within our intricate multipolar landscape lies in fostering developmental partnerships”. He commended the efforts of the organisers for focusing on the agenda items which centress on “BRICS and Africa, stating that the agenda aligns with “the aspiration of the people we represent, the future citizens of a world that can ensure our collective prosperity”.
“While extending Nigeria’s gratitude to the Government and people of the Republic of South Africa for convening the 15th BRICS Summit, the Vice President said “the BRICS-Africa Outreach and BRICS-Plus Dialogue provide a unique platform for deliberation, note comparison, and exploration of a mutually beneficial partnership that could evolve into a novel driving force for development. The international global governance structure to which we currently adhere was established prior to the independence of the African continent and many countries in the global south. So, it’s indeed imperative to reform global governance to align with the realities of today’s world and to acknowledge the necessity for partnerships that ensure shared prosperity, inclusivity and sustainable development.” The Vice President assured that Nigeria under President Bola Tinubu “is committed to shaping and fortifying the global framework and governance concerning all major international issues, particularly in the fields of finance, climate change, bridging the digital divide, adopting a comprehensive strategy towards debt alleviation, addressing food and energy insecurities, instituting post-pandemic recovery measures, and fostering financial inclusion within developing countries.”
“Stressing the need for a revitalised international cooperation that is effective, representative, and inclusive to tackle the challenges facing the world, Vice President Shettima opined that Nigeria is ready for collaboration and “partnership that guarantees a world governed by acceptable rules and norms. We seek partnership that provides opportunities for all to engage in trade, prosperity, and shared progress with no marginalisation based on geography, race and legitimate sovereign affiliations”, he affirmed. On the 2030 Agenda for the Sustainable Development Goals (SDGs), the Vice President observed that the reality of achieving the SDGs remains bleak for many developing countries. He said “these nations confront historical developmental vulnerabilities and challenges that are beyond their control. Thus, it is imperative for us to unite within regional groups and forge a novel form of international cooperation. This endeavor aims to foster global economic governance reform while enhancing the representation and voice of emerging market economies or developing countries”.
Vice President Shettima while emphasising partnership as a major key for addressing current global challenges, seeks formidable global partnerships through harnessing the agricultural potential of nations; harnessing renewable energy to revolutionise Africa; fostering technology, innovation, and job prospects for holistic and equitable progress; collaborative efforts on climate change and nature-centred approaches to development; Others include strengthening vibrant private sector participation among the countries of the global south; nurturing youth employment and skill building as a deterrent against terrorism, organised crime, and related challenges; proactive crisis prevention and heightened resilience as well as promoting proactive involvement of business leadership in shaping an improved and ideal landscape for trade and economic exchanges in the Global South. Earlier, in his address on the 3rd day of the Summit, the Chair of BRICS and President of South Africa, Cyril Ramaphosa, expressed the commitment of South Africa to advance the interests of the global south. Also, he announced as part of the outcomes of the Summit to expand its objectives, the admission of six new full members which are Argentina, Egypt, Iran, Saudi Arabia, Ethiopia and United Arab Emirates.
In the delegation of the Vice President to the Summit were Nigeria’s High Commissioner to South Africa, Amb. Mohammed Haruna Mantra, the Consul-General, Amb. Andrew Idi and other senior government officials”.
The Arab Africa Trade Bridges (AATB) Program and the Federal Republic of Nigeria formalized a partnership with the signing of the AATB Membership Agreement, officially welcoming Nigeria as the Program’s newest member country. The signing ceremony took place in Abuja on the sidelines of the 5th AATB Board of Governors Meeting, hosted by the Federal Government of Nigeria.
The Membership Agreement was signed by Eng. Adeeb Y. Al Aama, the CEO of the International Islamic Trade Finance Corporation (ITFC) and AATB Program Secretary General, and H.E. Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria. The Agreement will provide a strategic and operational framework to support Nigeria’s efforts in trade competitiveness, promote export diversification, strengthen priority value chains, and advance capacity-building efforts in line with national development priorities. Areas of collaboration will include trade promotion, agribusiness modernization, SME development, businessmen missions, trade facilitation, logistics efficiency, and digital trade readiness.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, called for deeper trade collaboration between African and Arab nations, stressing the importance of value-added Agribusiness and industrial partnerships for regional growth. Speaking in Abuja at the Agribusiness Matchmaking Forum ahead of the AATB Board of Governors Meeting, the Minister said the shifting global economy makes it essential for African and Arab nations to rely more on regional cooperation, investment and shared markets.
He highlighted projections showing Arab-Africa trade could grow by more than US$37 billion in the next three years and urged partners to prioritize value addition rather than raw commodity exports. He noted that Nigeria’s growing industrial base and upcoming National Single Window reforms will support efficiency, investment and private-sector expansion.
“This is a moment to turn opportunity into action”, he said. “By working together, we can build stronger value chains, create jobs and support prosperity across our regions”, Edun emphasized. “As African and Arab nations embark on this journey of deeper trade collaboration, the potential for growth and development is vast. With a shared vision and commitment to value-added partnerships, we can unlock new opportunities, drive economic growth, and create a brighter future for our people.”
Speaking during the event, Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC and Secretary General of the AATB Program, stated: “We are pleased to welcome Nigeria to be part of the AATB Program. Nigeria stands as one of Africa’s most dynamic and resilient economies in Africa, with a rapidly expanding private sector and strong potential across agribusiness, energy, manufacturing, and digital industries. Through this Membership Agreement, we look forward to collaborating closely with Nigerian institutions to strengthen value chains, expand regional market access, enhance trade finance and investment opportunities, and support the country’s development priorities.”
The signing of this Agreement underscores AATB’s continued engagement with African countries and its evolving portfolio of programs supporting trade and investment. In recent years, AATB has worked on initiatives across agribusiness, textiles, logistics, digital trade, export readiness under the AfCFTA framework, and other regional initiatives such as the Common African Agro-Parks (CAAPs) Programme.
With Nigeria’s accession, the AATB Program extends it’s presence in the region and adds a key partner working toward advancing trade-led development and fostering inclusive economic growth.
Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), a key fiscal document that outlines Nigeria’s revenue expectations, macroeconomic assumptions, and spending priorities for the next three years. The approval followed Wednesday’s FEC meeting presided over by President Bola Tinubu at the State House, Abuja. The Minister of Budget and Economic Planning, Senator Atiku Bagudu made this known after the meeting.
The Minister said the Federal Government is projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion expected from government-owned enterprises. Bagudu said that the projected revenue is N6.55 trillion lower than earlier estimates, adding that federal allocations are expected to drop by about N9.4 trillion, representing a 16% decline compared to the 2025 budget.
He said that statutory transfers are expected to amount to about N3 trillion within the same fiscal year. On macroeconomic assumptions, FEC adopted an oil production benchmark of 2.6 million barrels per day (mbpd) for 2026, although a more conservative 1.8 mbpd will be used for budgeting purposes. An oil price benchmark of $64 per barrel and an exchange rate of N1,512 per dollar were also approved.
Bagudu said the exchange rate assumption reflects projections tied to economic and political developments ahead of the 2027 general elections. He said the exchange rate assumption took into account the fiscal outlook ahead of the 2027 general elections.
The minister said that all the parameters were based on macroeconomic analysis by the Budget Office and other relevant agencies. Bagudu said FEC also reviewed comments from cabinet members before approving the Medium-Term Fiscal Expenditure Ceiling (MFTEC), which sets expenditure limits. Earlier, the Senate approved the external borrowing plan of $21.5 billion presented by President Tinubu for consideration The loans, according to the Senate, were part of the MTEF and Fiscal Strategy Paper (FSP) for the 2025 budget.
The spot rate on Nigerian Treasury bills has been increased by 146 basis points by the Central Bank of Nigeria (CBN) following tight subscription levels at the main auction on Wednesday. The spot rate on Treasury bills with one-year maturity has now surpassed Nigeria’s 16.05% inflation by 145 basis points following a recent decision to keep the policy rate at 27%.
The Apex Bank came to the primary market with N700 billion Treasury bills offer size across standard tenors, including 91-day, 182-day and 364 day maturities. Details from the auction results showed that demand settled slightly above the total offers as investors began to seek higher returns on naira assets despite disinflation.
Total subscription came in at about N775 billion versus N700 billion offers floated at the main auction. The results showed rising appetite for duration as investors parked about 90% of their bids on Nigerian Treasury bills with 364 days maturity. The CBN opened N100 billion worth of 91 days bills for subscription, but the offer received underwhelming bids totalling N44.17 billion.
The CBN allotted N42.80 billion for the short-term instrument at the spot rate of 15.30%, the same as the previous auction. Total demand for 182 days Nigerian Treasury bills settled at N33.38 billion as against N150 billion that the authority pushed out for subscription. The CBN raised N30.36 billion from 182 days bills allotted to investors at the spot rate of 15.50%, the same as the previous auction.
Investors staked N697.29 billion on N450 billion in 364-day Treasury bills that was offered for subscription. The CBN raised N636.46 billion from the longest tenor at the spot rate of 17.50%, up from 16.04% at the previous auction.
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