The 18th BRICS Leaders’ Summit in New Delhi has opened another important chapter in Africa’s push for greater influence over the global economic system. Held from 12 to 13 September 2026, the summit provided African leaders with a platform to advocate reforms to global financial institutions and stronger representation for developing economies.
For Africa, the significance extends beyond diplomatic participation. The continent is increasingly seeking to move from being a recipient of global economic policies to becoming an active force in shaping the rules that govern international finance, trade and development.
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Nigeria was particularly visible in this conversation. Vice President Kashim Shettima represented the country at the summit, where Nigeria participated as a BRICS partner country. His presence reinforced Nigeria’s growing engagement with emerging economic powers and its interest in expanding cooperation in areas including trade, investment, energy, agriculture and technology.
At the centre of Africa’s argument is the structure of the international financial system. The International Monetary Fund and World Bank remain critical sources of development financing, yet African countries have long raised concerns about their representation and voting power.
The issue is particularly pressing given the continent’s enormous financing requirements. The African Development Bank estimates that Africa faces an annual development financing gap of about $400 billion. In response, the Bank is advancing a New African Financial Architecture for Development, aimed at mobilising domestic resources, strengthening African capital markets and increasing the continent’s capacity to finance its own priorities.
Momentum for reform is also emerging within the IMF. In April 2026, members endorsed the Diriyah Guiding Principles on IMF Quota and Governance Reforms, recognising the need for the Fund’s governance to remain representative of changes in the global economy. However, implementation remains unfinished. The deadline for countries to consent to quota increases under the IMF’s Sixteenth General Review of Quotas has been extended to 15 November 2026, with the required 85% threshold still to be reached.
For African economies, the debate is not simply about representation. It is also about the cost of capital. High perceptions of sovereign risk can make borrowing significantly more expensive, leaving governments with fewer resources for infrastructure, healthcare, education and industrial development.
This has strengthened calls for more accurate approaches to assessing African economies. African policymakers argue that conventional risk assessments can sometimes fail to adequately account for the continent’s economic potential, while giving excessive weight to political, climate and external vulnerabilities.
Africa is also increasingly developing alternatives rather than relying entirely on reforming existing institutions. In April 2026, the Borrowers’ Platform was launched to give developing-country borrowers a mechanism for sharing expertise, strengthening debt-management capacity and addressing common debt challenges. More than 120 developing countries are eligible to participate.
Trade is another part of the equation. China’s decision to extend zero-tariff treatment to imports from all 53 African countries with which it has diplomatic relations, effective from 1 May 2026, has created new opportunities for African exporters. However, the long-term benefit will depend on whether African economies can use improved market access to move from exporting raw commodities towards processing, manufacturing and higher-value production.
BRICS itself has become an increasingly important platform for this shift. The expanded grouping now has 11 full members, including three African countries — South Africa, Egypt and Ethiopia — while Nigeria participates as a partner. The New Delhi Declaration called for a more representative and inclusive multilateral system and reaffirmed support for reforms to international financial institutions.
The opportunity for Africa, therefore, lies in turning participation into collective leverage. BRICS can provide access to new markets, capital, technology and partnerships, but African countries will need coordinated strategies to ensure these relationships contribute to industrialisation and sustainable development.
The African Continental Free Trade Area remains central to that ambition. By creating a larger integrated market, AfCFTA can help African producers achieve greater scale, attract investment and build regional value chains rather than continuing to depend heavily on the export of unprocessed commodities.
The 2026 BRICS Summit ultimately demonstrated that Africa’s conversation with the global economy is changing. The continent is no longer simply asking for assistance or inclusion; it is demanding a stronger voice in institutions that determine access to capital, trade and development finance.
The challenge now is to convert that diplomatic momentum into practical economic gains. Greater coordination through the African Union, stronger domestic financial systems and strategic partnerships with emerging economies could help Africa turn its growing global influence into greater financial and economic sovereignty.
