World
BRICS+ Heading Towards Strategic Enlargement and Consolidating Multipolar World
By Kestér Kenn Klomegâh
The question yet stands: what potential countries with high aspirations are gearing up to join BRICS+, an informal association of developing economies, during the forthcoming summit this October 22-24? In the context of preparations for the BRICS+ summit, a number of significant issues, including the expansion of the association, were reviewed and considered at the sidelines of the 79th session of the United Nations General Assembly in New York. Russian Foreign Minister Sergey Lavrov reiterated “the creation of a category of partner states” for the current association of BRICS+. Lavrov had already indicated the “suspension” of membership into BRICS+ and further emphasized that “the ministers reviewed the efforts to coordinate the modalities of the new category, BRICS partner countries” as far back in June 2024 during the BRICS Foreign Ministers Council in Russia’s Nizhny Novgorod.
In late September in New York, Lavrov told a news conference following his participation in the high-level week of the 79th session of the UN General Assembly that BRICS+ considered further expansion inappropriate for now, the current BRICS member countries now considered it not feasible to admit new members, but countries expressing readiness would only become supporting partners and would maintain permanent contacts. These partner members could use BRICS+ to pursue the common goals of fighting United States dominance and Western hegemony. BRICS is also steadily working towards creating a multipolar world.
“As for the prospects for BRICS expansion, at this stage, all affiliated countries consider it reasonable not to make new decisions for the time being and to adapt the organization, an association of like-minded members. There were five of us, now there are ten. Of course, this requires some kind of habituation and smooth entry of new members into the work in line with the traditions that the quintet has developed over the years,” Lavrov said.
On the other hand, the transition towards a new economic architecture, characterized by de-dollarization and diversification of global financial frameworks, presents immense opportunities and challenges for the Global South. Russia’s engagements with mostly common geopolitical like-minded countries in Asia, Africa and Latin America regions underscore the strategic importance of the future development of BRICS+.
Meanwhile, BRICS+ rising against United States hegemony and dominance, ultimately helps create the situation or conditions for China to emerge as the global economic power. The ultimate result – BRICS+ is rather driving China, with an estimated population of 1.5 billion, to establish a global presence, Russia has been cooperating within the external economic parameters, especially with China and India.
Under Russia’s BRICS presidency which began in January 2024, Ethiopia, Egypt, Iran, Saudi Arabia and the United Arab Emirates became the second wave of the newest members to join BRICS. South Africa ascended in 2011 under China’s initiative. In 2015, BRICS established the New Development Bank (NDB), the only financial instrument to compete with other multilateral institutions such as the International Monetary Bank and the World Bank. While these operate worldwide, the NDB has limited scope of operations over the past decade. Nevertheless, NDB has made significant headway, at least, in consolidating its position and has also taken a few steps in raising the possibility of forging sustainable economic cooperation and collaborating on investment partnerships among member states. According to media reports, NDB primarily intended to pursue a flexible financial framework to create a fairer, more equitable system, in contrast to IMF and the World Bank. By advocating for these essential reforms, NDB portrays itself as the main instrument for reshaping the financial landscape for the Global South.
As often emphasized, BRICS+ functions on the basis of consensus. The consensus principle primarily aims at finding agreements that reflect the mutual accord of all participants. BRICS+ is an informal association of emerging economies based on a respectful attitude towards each other and on mutual consideration to promote collaboration based on a balance of interests and strictly adhering to the principle of the sovereign equality of states and non-interference in each other’s internal affairs. Moreover, its transforming structure remains an emerging force for a new global architecture.
In these previous years, BRICS+ has been emerging as a key player in this world and has the potential to drive significant economic growth and development but BRICS+ and the Global South collaboration face the challenges of diversity in politics, economy and culture. This is evidently noticeable in the dynamism of tackling complex issues such as economic development, trade, climate change, and global governance. The degree of variations significantly in terms of their level of economic development and political influence could complicate efforts to create a cohesive alliance, according to experts’ interpretations.
Leaders will decide on BRICS membership expansion on the basis of full consultation and consensus. The following countries have either expressed interest in joining BRICS or have already applied for membership:
(i) AFRICA
Algeria: In terms of market size, Algeria has the tenth-largest proven natural gas reserves globally, is the world’s sixth-largest gas exporter, and has the world’s third-largest untapped shale gas resources.
According to reports, Africa States have submitted applications: Angola, Burkina Faso, Cameroon, Central African Republic, Congo, DR Congo, Ghana, Kenya, Libya, Mali Republic and Niger Republic.
Nigeria: Nigeria’s Foreign Minister Yusuf Tuggar has announced that the country intends to become a member of the BRICS group of nations within the next two years. Nigeria has a GDP of $448 billion, a population of 213 million and a GDP per capita of $2,500. It has the world’s 9th largest gas reserves and significant oil reserves.
Senegal: It is a medium-capacity gold mining and energy player, with reserves in gold, oil, and gas. The energy industry is at a growth stage as reserves have only recently been found. The energy-hungry BRICS nations will be keen to secure their supplies.
Sudan: Sudan’s top five export markets are 100% BRICS – China, Russia, Saudi Arabia, India, and the UAE. Sudan also has regional clout. It is Africa’s third-largest country by area and is a member of the League of Arab States (LAS). Should Sudan join the BRICS it would give the group complete control of the Red Sea supply routes
East Africa: South Sudan, Tanzania, Tunisia, Uganda and Zimbabwe.
(ii) AMERICAS
Bolivia: Asset-rich but relatively poor, Bolivia has the fastest GDP growth rate in Latin America
There are also Chile, Colombia and Costa Rica.
Cuba: Cuba’s sanctions defiance has long made it a favourite of China and Russia when wanting to annoy the United States. It also has significant agreements with China and Russia, is a member of the BRI and has significant Caribbean and LatAm influence.
Ecuador: Ecuador is negotiating Free Trade Agreements with both China and the Eurasian Economic Union. It would make sense to substitute these with a looser BRICS arrangement in El Salvador, Guatemala and Honduras.
Nicaragua: Nicaragua is a mining player and the leading gold-producing country in Central America. It has a Free Trade Agreement with the ALBA bloc and is an influential player in the Caribbean.
El Salvador, Guatemala, Honduras, Panama and Peru.
Uruguay: Uruguay has joined the BRICS New Development Bank – a sure sign that official BRICS membership is pending.
Venezuela: Another outlier, but its energy reserves and political stance fit well with China and Russia’s needs.
(iii) ASIA
Afghanistan: An outlier, but Afghanistan has significant resources and is a member of the BRI. Diplomatic changes are required, but China, India and Russia are all keen to see redevelopment in the country once political stability can be secured.
Azerbaijan and Bahrain
Bangladesh: Bangladesh is one of the world’s top five fastest-growing economies and is undergoing significant infrastructure and trade development reforms. It shares a 4,100 km border with India.
Indonesia: One of Asia’s leading economies, Indonesia’s potential has again been raised to join BRICS. In July 2023, Jakarta accepted an invitation to participate in the 2023 BRICS summit.
Kazakhstan: Kazakhstan’s economy is highly dependent on oil and related products. In addition to oil, its main export commodities include natural gas, ferrous metals, copper, aluminium, zinc and uranium.
Others include Iraq, Kuwait, Laos, Malaysia, Myanmar
Mongolia: Mongolia is both a problem and a solution, while geographically attractive. It requires extensive investment in its energy sector; yet is resource-rich and a transit point between Russia, Kazakhstan and China. It is not a member of any trade bloc, with a looser BRICS arrangement better suited to maintaining its regional impartiality.
Pakistan: Pakistan has filed an application to join the BRICS group of nations in 2024 and is counting on Russia’s assistance during the membership process, the country’s newly appointed Ambassador to Russia Muhammad Khalid Jamali has stated.
Sri Lanka: Sri Lanka isn’t keen on opening up its markets yet has significant economic problems. China is interested in port and Indian Ocean access while Russian tourism investments are increasing. A BRICS agreement would be loose enough to satisfy all concerns, while India will want to keep an eye on it.
Turkiye: Turkiye’s trade figures with the current and most of the upcoming BRICS members show significant growth. Getting access to BRICS NDB funding may also prove attractive for Ankara as talks are expected across a number of issues.
Thailand: Thailand is one of ASEAN’s largest economies, via ASEAN it has additional Free Trade Agreements with Australia, New Zealand, Japan, South Korea, China, Hong Kong and India, and agreements with Chile, and Peru. Thailand is also a signatory to the RCEP FTA between ASEAN and Australia, China, Japan, New Zealand, and South Korea.
Uzbekistan: Uzbekistan is one of Central Asia’s fastest-growing economies, yet it is hampered by being double-landlocked. Membership in BRICS would give it market access to China, Europe, and the rest of Asia in a more protected manner.
These have also shown potential interest: Syria, Turkmenistan, Tajikistan, Vietnam and Yemen.
(iv) EUROPE
Azerbaijan and Belarus: In the former Soviet space, Belarus and Azerbaijan have recently expressed their synonymized interest in leveraging the BRICS platform. Based on the historical fact that Belarus and Russia have already formed a Union State, Belarusian President Alexander Lukashenko irreversibly promised Belarus’ ascension into BRICS.
“Azerbaijan has filed an official application for joining BRICS,” Azerbaijan’s news agency quoted Foreign Ministry’s spokesman, Aykhan Hajizada. Baku’s intention to jump on the bandwagon of BRICS is reflected in the joint declaration on strategic partnership between Azerbaijan and China, which was signed on the sidelines of the Shanghai Cooperation Organization (SCO) summit in Astana in early July.
That, however, Belarus sees BRICS as a basis for economic development and is ready to join integration processes within the framework of the informal association. “We are interested in getting involved in integration processes in that space. BRICS is another footing to help us maintain balance and economic stability,” BelTA agency quoted Lukashenko as emphatically asserting.
Notably, Azerbaijan and Belarus are former Soviet republics, with common historical backgrounds despite the stark indications of disparity in approach to current politics and economic development, much still remains uniquely common in cultural practice and in society. Undoubtedly, both the older and current generations have a comprehensive understanding of Soviet history and culture. Azerbaijan and Belarus becoming BRICS members will fortify the SCO operations in the region. Therefore, Azerbaijan and Belarus governments and their state institutions such as the cabinet, legislature and judiciary, would endorse aligning to BRICS, and its contribution towards shaping a new post-Soviet space within the framework of an emerging new geopolitical reality.
Meanwhile, as Sergey Lavrov noted “the weight, prestige and role of an individual candidate country and, of course, its position in the international arena” would be taken into account in decision-making on accepting new members to expand, a bit later, BRICS. An updated list of candidate countries for BRICS membership, which was “suspended” for the time being, would still be prepared for consideration at the October summit under Russia’s chairmanship.
Amid the heightening of geopolitical changes, the forthcoming BRICS summit in Kazan on October 22-24 presents an opportunity, most possibly, to determine and review critical pending issues including the association’s structure, and membership. Ensuring qualitative geopolitical influence must be the key priority. The political and economic impact should be paramount instead of anti-western rhetoric and stringent confrontation. As the situation stands, the numerical strength of BRICS is equally important as well as creating the necessary instruments and taking step-by-step comprehensive measures for promoting global peace and future development-oriented aspirations. Despite positive achievements and future expectations, challenges remain. Perhaps, some of the new members with political divergences have already begun to manipulate their national interest and therefore discredit BRICS as demonstrated by Ethiopia and Egypt at the UN General Assembly in New York.
By Kestér Kenn Klomegâh
Africa is set to make history as it hosts the World Public Summit for the first time, with Addis Ababa, Ethiopia, welcoming global leaders and changemakers from July 29–30, 2026, for the landmark gathering under the theme “New World: Africa in Shaping a Shared Future.”
The inaugural African edition of the World Public Summit marks a significant milestone in the continent’s growing role in shaping international dialogue on governance, sustainable development, human-centred leadership and global cooperation.
Hosted by the World Peoples Assembly in partnership with African and international organisations, the summit will convene government officials, diplomats, business leaders, academics, journalists, youth representatives, civil society organisations and cultural leaders from across Africa and around the world.
According to Andrey Belyaninov, General Secretary of the World Peoples Assembly, “the Summit is not just a meeting—it is a space for unity. A space where the ‘values that unite us’ come to life: respect for people, openness to the world, responsibility for the future, and a commitment to creation.
“Today, we understand more clearly than ever: the future cannot be built alone. It is born in dialogue, in trust, in the ability to listen to one another and to act together.”
The programme begins on July 29 with a series of high-level roundtables and expert discussions covering Pan-African economic integration, civil society, education, scientific cooperation, cultural diplomacy and humanitarian partnerships.
The opening plenary, “Values, Development and Partnership as the Basis of a Sustainable and Just World,” will explore how African values—including Ubuntu—can help shape a more inclusive and sustainable global future. Discussions will also focus on youth leadership, innovation, civil society, ethical AI, public initiatives and international partnerships.
The summit will also showcase Africa’s creativity and innovation through the “Innovations for the Future” exhibition, the contemporary African art exhibition “Unity,” and the international exhibition “The World Paints Happiness.”
Another featured initiative is “The Zambezi River: Economy, Society, Soul,” an international interdisciplinary project exploring the river’s socioeconomic importance across Angola, Botswana, Mozambique, Namibia, Zambia and Zimbabwe, highlighting the shared heritage and development potential of one of Africa’s most important waterways.
The event will conclude with the adoption of the African Communiqué, reflecting the summit’s shared vision for stronger international cooperation, sustainable development and people-centred leadership.
Tsegaye Chama, General Secretary of the Global Black Centre, promised that, “The Summit will be delivered with exceptional distinction, reflecting the magnitude and spirit of the World Peoples Assembly. It embodies a unity that is not transactional, but purposeful and conscious, a unity that shapes new contours for a world that works for all peoples of the World.”
As delegates prepare to arrive in Addis Ababa, anticipation continues to build for what promises to be one of Africa’s most significant international gatherings of 2026—one that will place the continent firmly at the centre of global conversations about the future.
By Adedapo Adesanya
Nigeria regained its position as Africa’s leading destination for equity startup investment in the first half of 2026, raising $214 million in equity financing and a total of $254 million across equity and debt, according to the latest Africa: The Big Deal report.
The report, titled H1 2026: Mapping the Money, showed that Nigeria ranked second on the continent in total funding, behind Egypt, which attracted $327 million, while Kenya and South Africa followed with $126 million and $83 million, respectively.
However, the report noted that Egypt’s top position was largely driven by a single fundraising by electric mobility company Spiro, which secured $327 million, including $270 million in equity and $57 million in debt. Excluding debt financing, Nigeria emerged as Africa’s largest equity funding market in the first six months of the year.
According to the breakdown by Africa: The Big Deal, Nigeria’s equity funding of $214 million was higher than Egypt’s $183 million, while South Africa and Kenya attracted $66 million and $46 million, respectively.
Beyond funding value, Nigeria also led the continent in the number of startups that raised at least $100,000 during the review period, reclaiming the top spot after what the report described as an “underwhelming” second half of 2025.
The publication observed that Nigeria’s fundraising performance has remained relatively stable over the past few years and exceeded the $250 million mark for the first time since 2022, pointing to renewed investor confidence in the country’s startup ecosystem.
It also found that while the Big Four startup markets—Nigeria, Egypt, Kenya and South Africa—continued to dominate Africa’s investment landscape, their combined share of total funding stood at 58 per cent in the first half of 2026.
“Zooming back on the Big Four (110 out of 190 $100k+ deals, i.e. 58%), Nigeria is head and shoulders above its peers, with Egypt and Kenya almost tying, and South Africa in fourth position again,” the report noted.
The report highlighted contrasting performances among the continent’s largest startup ecosystems. While Nigeria and Egypt maintained strong funding momentum, Kenya recorded its weakest funding performance since early 2021 after a strong second half of 2025, and South Africa failed to attract $100 million in funding during the period despite leading the continent a year earlier.
Africa: The Big Deal also noted a broader shift in investor behaviour, with funding increasingly concentrated in larger transactions while early-stage investments continued to decline. According to the publication, the drop in smaller funding rounds reflects growing concerns about limited capital available for early-stage startups across Africa.
By Aduragbemi Omiyale
Accessing the US Dollar in the East Africa region has now been made easier with the expansion of the stablecoin settlement infrastructure of SCRYPT.
This development enables banks, payment providers and corporate treasury teams to move value into and out of the continent in real time.
Businesses paying international suppliers frequently have to convert local currency into USD before purchasing stablecoins for settlement, incurring FX conversions and spreads before any payment is made.
But SCRYPT is eliminating this intermediate conversion by enabling direct settlement corridors for local African currencies into stablecoins.
This development allows businesses to move from local currency to stablecoin settlement in a single licensed transaction, without first sourcing rationed bank dollars, as stablecoins are increasingly becoming settlement infrastructure rather than an investment product.
The expansion adds settlement support across four African currencies: the Kenyan shilling (KES), Tanzanian shilling (TZS), Rwandan franc (RWF) and Ugandan shilling (UGX). Each corridor is delivered through the same full-stack infrastructure our clients already use for trading, custody and treasury operations.
Speaking on this, the chief executive of SCRYPT, Norman Wooding, said, “Across Africa, stablecoin adoption is driven by economic need, not speculation.
“Businesses here are not chasing yield; they are trying to pay suppliers and manage treasury without losing margin to a banking system that rations dollars. Licensed, fair-rate dollar access is the clearest proof of what this infrastructure is for.”
Also commenting, the Managing Director of Markets & Trading at SCRYPT, Mr Gabriel Titopoulos, said, “Until now, reaching stablecoins from local African currencies meant buying scarce dollars and incurring several layers of conversion costs.
“SCRYPT removes this friction. Firms and payment providers can now settle straight from local currencies through live corridors, with local partners.”
