Rio de janeiro: Expansion of BRICS highlights its strengthened representation and burgeoning global appeal. It also signals that a structural shift in the global economic dynamics is quietly underway. An economist, Alexander Odonkor, made the assertion ahead of the 17th BRICS Summit in Rio de Janeiro, Brazil, on July 6 and July 7. Odonkor is a member of the African Finance and Economic Association and Commentator for China Global Television Network.

According to News Agency of Nigeria, the 17th BRICS Summit carries the theme, ‘Strengthening Global South Cooperation for More Inclusive and Sustainable Governance’. It marks a significant milestone in the history of BRICS as it will host an expanded grouping of 11 members and 10 partner countries. BRICS, an inter-governmental organization, originally comprised four members-Brazil, Russia, India, and China, with South Africa joining in 2011. The expansion, from 2024 to 2025, includes six new members-Ethiopia, Egypt, Iran, Indonesia, Saudi Arabia, and the United
Arab Emirates, now known as BRICS+.

During the 2024 Kazan Summit in Russia, leaders approved the establishment of a BRICS partner country category, aiming to strengthen political, economic, and social cooperation among its members while increasing the influence of Global South countries in international governance. Nigeria joined as a partner country earlier in 2025, alongside Bolivia, Belarus, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, Uzbekistan, and Vietnam. Nigeria will make its debut at the Brazil summit with President Bola Tinubu participating and delivering an address on Nigeria’s ongoing reforms to enhance global competitiveness. Tinubu is one of four African presidents invited to the summit, alongside leaders from South Africa, Egypt, and Ethiopia.

For Nigeria and the broader African continent, the expanded BRICS presents new opportunities for trade, investment, and development cooperation amid changing global economic dynamics. According to Odonkor, the 11 member-countries of BRICS represent ov
er 40% of the world’s population, 40% of global oil production and exports, and 40% of global trade, signaling vast potential for growth and cooperation.

Odonkor highlighted that BRICS expansion offers a larger market and additional resources, including energy, as the group seeks to deepen cooperation among Global South countries. He noted that in international trade, a major driver of economic development and poverty reduction, cooperation between BRICS members and other developing countries has significantly advanced South-South trade. Despite the absence of formal trade agreements, BRICS has expanded intra-group trade, reducing dependence on traditional markets and enabling members to tap into each other’s sizable markets.

Referring to a 2025 policy brief by the United Nations Industrial Development Organisation, Odonkor stated that from 2002 to 2021, the total global trade of all BRICS countries grew more than sevenfold, surpassing $4 trillion from $572 billion. The group has made significant progress
in forming its own network of complementary supply chains and diversifying trading relationships.

The economist added that beyond trade, cooperation within BRICS offers opportunities to attract more investments and collectively contribute to global growth. He emphasized that in 2023, China ranked among the world’s top three Foreign Direct Investment (FDI) recipients, while Brazil and India saw notable rises in inward direct investment. This positions BRICS as a key driver of FDI growth, particularly in emerging markets.

Odonkor further noted that expanding FDI inflows facilitate technology transfer and capital inflows, enabling member countries to tackle development-related challenges like climate change. BRICS has thus expanded its economic influence, becoming a key driver of global growth. In 2018, BRICS surpassed the G7’s share of global GDP in terms of purchasing power parity, with the gap widening further by 2024-BRICS accounted for 35% compared to the G7’s 30%.

NAN reports that at the 2025 BRICS summ
it, discussions will focus on global health cooperation, trade, investment and finance, climate change, artificial intelligence governance, multilateral peace and security architecture, and institutional development.