Nigeria officially became a partner country of BRICS in January 2025, bringing the group’s total number of partner countries to nine and official members to 11. A partnership of emerging markets and developing countries, the group has been rapidly expanding in recent years, and with new African members joining, growth opportunities have risen for the continent’s energy and mineral sectors.
Africa: An Emerging Energy, Mineral Giant
Africa’s energy market is project to grow three-fold by 2030 while the demand for critical minerals alone will triple by 2040. While the continent has long-been an oil, gas and mineral exporter, new investment across these value chains could solidify its position as a global energy and mining hub. The continent not only offers some of the biggest deposits of mineral and energy resources worldwide, but serves as one of the world’s final frontiers for exploration in these areas.
On the energy front, Africa holds 125 billion barrels of proven crude oil reserves and 620 trillion cubic feet of proven natural gas, making it a strategically attractive investment destination. Top oil producers include Nigeria (1.48 million BPD), Libya (1.4 million BPD) and Angola (1.13 million BPD), while emerging players include Senegal, Uganda, Ivory Coast and Namibia. Leading gas producers are Algeria, Egypt and Nigeria, with major LNG projects like Mozambique’s Rovuma (15.2 mtpa) and LNG plant (13 mtpa), Tanzania LNG (10 mtpa) and Mauritania/Senegal’s Greater Tortue Ahmeyim (5 mtpa). Africa also boasts world-class solar, wind and hydro resources, highlighted by projects such as Morocco’s Noor Midelt Solar Park (800 MW), Egypt’s Kom Ombo Solar Plant (500 MW), Congo’s Sounda Hydropower Dam (800 MW) and Algeria’s Tafouk 1 Solar Park (4 GW).
In the mining sector, Africa is home to 30% of the world’s critical mineral reserves as well as substantial deposits of diamonds, gold and iron ore. South Africa holds 80% of the world’s platinum group metals; Morocco has over 70% of the world’s phosphate resources; while the DRC holds the world’s largest cobalt resources. Additionally, Zambia is the world’s second-largest copper producer while Zimbabwe is a leading lithium exporter. However, through greater collaboration with global partners through BRICS, the continent can grow these sectors even further.
Analyzing BRICS-Africa Cooperation
Greater collaboration between BRICS nations and Africa has already begun to yield positive results in strategic sectors while reducing the reliance on Western-led financial institutions such as the World Bank and International Monetary Fund. Seeking to boost South-South cooperation, BRICS has enabled greater participation by BRICS members in Africa’s economies, including key industries such as energy, infrastructure and mining.
Notably, investment from China represents the main source of Foreign Direct Investment (FDI) in Africa, with annual FDI reaching a peak of $5 billion in 2022. Through its Belt and Road Initiative – a global infrastructure project – the country has become Africa’s largest trade partner and creditor, with $170 billion in loans committed to 49 African countries since its launch. Targeted sectors include energy, mining and infrastructure. Going forward, China has committed $50 billion over the next three years to support African projects. China is also a strong financier of African mining projects. The country has invested $4.5 billion in African lithium mines in recent years; invested in 15 of the DRC’s 17 cobalt mines; and purchases one third of the continent’s mineral and metals sales.
Brazil – primarily through its state-owned oil company Petrobras – is also expanding its footprint in Africa. Petrobras is pursuing hydrocarbon exploration opportunities in South Africa, Namibia and Angola, including a 40% stake in Namibia’s Mopane field. Brazil also seeks to boost trade with Africa beyond the current levels of $22 billion, creating new opportunities for cooperation.
Meanwhile, the New Development Bank (NDB) – established by BRICS – provides financing for African projects. In 2024, the bank approved a $1 billion loan to South Africa for infrastructure projects; $200 million in financing to support infrastructure and sustainable projects in Egypt; and an ZAR 18.5 billion loan to support South Africa’s Transnet restore rail networks in the country.
Looking Ahead: Leveraging BRICS to Fuel Economic Growth
Many African countries are targeting accelerated development across their energy and mining sectors. Through BRICS, the continent can benefit from alternative international payment models while reducing its reliance on the U.S. dollar in international trade transactions. One primary aim of BRICS is to overcome challenges associated with the reliance on this currency. This led to the creation of the NDB and Contingent Reserve Arrangement (CRA). While the CRA offers support during currency crises, the NDB offers loans, guarantees and other financial mechanisms to support private projects.
Leveraging BRICS, both member and partner countries stand to not only benefit from new capital channels but from cooperation with some of the world’s biggest energy and mineral producers. Notably, newly-admitted BRICS members Saudi Arabia and the UAE are both the two biggest economies in the Arab world and the second and eight largest oil producers globally. China is the world’s largest mineral producer while Brazil has become a major deepwater oil producer. With over 40 countries expressing their interest in joining the group, BRICS stands to play a much larger role in boosting investment and cooperation across Africa’s energy and mining sectors.