The BRICS sphere of influence continues to expand day by day. The group is one of the most powerful international economic entities that includes economic powerhouses across continents such as Brazil, Russia, India, China, and South Africa, and it continues to expand its power and reach. On January 18, Africa’s most populous country Nigeria officially became a partner state of the BRICS group. The acting spokesperson for Nigeria’s Ministry of Foreign Affairs announced its official entry to the group.
— Ministry of Foreign Affairs, Nigeria 🇳🇬 (@NigeriaMFA) January 18, 2025
On January 17, the Brazil government, the BRICS’s chair, said in a statement that “With the world’s sixth-largest population — and Africa’s largest — as well as being one of the continent’s major economies, Nigeria shares convergent interests with other members of BRICS.”
Nigeria is an emerging economic power in Africa due to its large population and abundant oil reserves. Being the most populated country in Africa, it offers a vast consumer market, making it attractive to businesses. Nigeria is also the continent’s largest oil producer, earning substantial revenue from oil exports, which supports its economy and boosts its influence in African markets.
As one of West Africa’s leading economies, Nigeria also has an important role to play in regional trade and partnership. Its economic power also makes it a significant political player in organizations like the African Union. A country with abundant natural resources, an economy that is growing, and a regional presence makes Nigeria a crucial player in Africa’s development as a continent.
The BRICS group
Currently, the BRICS bloc member nations are home to roughly 3.3 billion people — over 40% of the global population. According to the International Monetary Fund, the BRICS economies also account for an estimated 37.3% of global GDP (Gross Domestic Product) based on purchasing power parity.
China alone represents 19.05% while India accounts for 8.23%. Meanwhile, the US and the European Union (EU) account for roughly 14.5% each. This data is before the joining of Nigeria and is expected to further rise. With Turkey and Malaysia also eyeing a potential entry, the group’s power is sure to multiply further.
BRICS was formed by Brazil, Russia, India and China in 2009, with South Africa added in 2010. The Grouping eventually started being considered as a direct counterweight to the Group of Seven (G-7) leading industrialised nations.
In 2023, the group expanded for the second time and added Iran, Egypt, Ethiopia and the UAE to the group, while Saudi Arabia has also been invited to join. Nigeria becomes the ninth BRICS partner country, joining Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan. The group now also counts Malaysia and Thailand among its partner countries and has shown interest in joining the organization. While recently the Southeast Asian nation of Vietnam has also shown considerable interest in joining the group after an invitation from Russia.
The world is witnessing a crucial geopolitical shift, where the West’s dominance is declining rapidly. The expansion of the BRICS bloc in almost all continents is a clear sign of the increasing importance of the bloc. One more possible reason for the expansion and countries’ interest in joining the bloc is the coming of multipolarity on the horizon of the international order. The upcoming multipolarity is pushing countries to diversify their economy and diplomatic engagement with other emerging blocs or countries.
Geopolitically, an apparent economic and diplomatic rift is emerging between the US and China, where the US is backed by the EU and China is backed by Russia. BRICS has proved to be an alternative option for those countries that have been put through unilateral sanctions from the US and its allies. The members such as China, Russia and Iran have intensified their bilateral and multilateral diplomatic and economic engagements among themselves and it is proving successful. Hence, the BRICS, as a block is spreading its influence globally and proving an alternate grouping which has the potential to challenge the Western-dominated world.
