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By Myke Agunwa
President Bola Tinubu on Friday at 8:45pm local time, arrived Rio de Janeiro, the capital of Brazil, from Saint Lucia to attend the 17th BRICS Summit.
BRICS, an acronym for Brazil, Russia, India, China and South Africa, is a group of emerging economies formed to promote peace, development, and economic cooperation among member nations.
The bloc was initially known as BRIC until South Africa joined in 2010, adding the “S”. In recent years, BRICS has expanded to include new members like Egypt, Ethiopia, Iran, and the United Arab Emirates.
It aims to strengthen the voice of the Global South in international affairs, reduce dependence on Western-dominated institutions, and support inclusive growth through initiatives like the New Development Bank.
BRICS advocates for reforms in global financial systems, encourages trade in local currencies, and promotes multi-polarity to counter Western dominance.
On arrival, Tinubu was welcomed by the secretary for Africa and the Middle East, as well as the secretary for innovation and commerce.
Other African leaders attending the summit include those from Egypt, Ethiopia, and South Africa, who are full members of BRICS.
The 17th BRICS Summit will focus on strengthening cooperation among Global South nations to promote inclusive and sustainable development.
With the theme “Strengthening Global South Cooperation for More Inclusive and Sustainable Governance,” the summit will prioritize financial innovation, digital inclusion, climate action, and healthcare. A major highlight will be the launch of the BRICS Multilateral Guarantee (BMG) Fund to attract private investments using guarantees from the New Development Bank (NDB).
It will prioritize discussions on global South-South collaboration and sustainable development, with a focus on social, economic, and environmental development priorities.
The summit comes against the backdrop of US President Donald Trump’s tariff threat, underscoring the need for strengthened trade and technology exchange within the BRICS bloc.
Bayo Onanuga, presidential spokesperson, in a statement on his X handle on Friday said that Tinubu’s participation follows an invitation from Luiz Inácio Lula da Silva, president of Brazil.
He said Nigeria is attending the meeting as a “partner country”, which ranks above a guest nation.
Onanuga added that the designation reflects a growing recognition of Nigeria’s strategic importance within the bloc.
This year’s summit is taking place amid rising concerns over fresh tariff threats from United States President Donald Trump.
Leaders are expected to push for greater use of national currencies in trade, though the idea of a common BRICS currency remains under discussion. The summit will also address reforms in global governance, especially within financial institutions and climate diplomacy, to reflect a more multipolar world order.
BRICS is expected to take a strong stance against terrorism, following recent global attacks. The summit holds strategic importance as the bloc now includes 10 members representing about 40% of the world’s population and GDP. By offering alternative economic and political models, the summit signals a major shift in global power dynamics. It will also lay the groundwork for India’s hosting of the 2026 summit, showcasing BRICS as a united force for reshaping global governance.