BRICS continues to expand, officially admitting Nigeria as a partner country on January 17, 2025. With the world’s sixth-largest population and Africa’s largest, Nigeria is also the continent’s top oil producer and second-largest economy. BRICS now consists of 10 full members and 9 partners, representing 54.6% of the global population and 42.2% of world GDP (PPP).
The extended BRICS+ group, including populous nations like Indonesia, aims to strengthen South-South cooperation, reform global governance, and challenge U.S. dollar dominance by promoting trade in local currencies. Nigeria’s rapidly growing population and economic influence bolster BRICS’ presence in Africa, which is expected to account for 38% of the global population by 2100. With five of the world’s top 10 oil producers among its members, BRICS is gaining influence in global commodity markets.