Broadening Economic Influence: The Drive for BRICS+ Expansion
Under Brazil’s 2025 chairmanship, BRICS+ has ramped up its expansion strategy, adding Indonesia, Nigeria, and Azerbaijan to its growing coalition. This move, backed by Russia and China, is designed to enhance BRICS+ as a formidable economic and geopolitical counterweight to Western-dominated institutions. Moscow and Baku, in particular, align on the principles of fostering a multipolar world and advancing equitable international trade frameworks, positioning Azerbaijan as a natural candidate for BRICS+ integration.
Azerbaijan’s Economic Potential Within BRICS+
Azerbaijan’s accession signals an opportunity to deepen economic integration within BRICS+, leveraging its energy wealth and growing trade networks. The country has made significant strides in socioeconomic development, as acknowledged by Russian President Vladimir Putin and Azerbaijani President Ilham Aliyev in their August 2024 joint statement. The inclusion of Azerbaijan brings new economic dynamics to BRICS+, particularly in energy markets, given the country’s vast oil and gas reserves. By aligning with BRICS+ financial mechanisms, such as the New Development Bank (NDB), Azerbaijan stands to diversify its investment landscape beyond traditional Western partners.
Russia’s support for Azerbaijan’s BRICS+ membership underscores the broader strategy of expanding economic alliances across the Global South and East. Russian Foreign Ministry Spokeswoman Maria Zakharova reinforced this stance in January 2025, emphasizing the bloc’s commitment to countries that pursue sovereign economic policies and reject Western-imposed sanctions. Azerbaijan’s inclusion aligns with its broader ambition to integrate into a global economic order that prioritizes trade autonomy and investment diversification.
Nigeria and Indonesia: Economic Implications for BRICS+
Nigeria’s entrance into BRICS+ is a game-changer for Africa’s largest economy. With a GDP exceeding $500 billion and a population of over 200 million, Nigeria’s participation enhances the bloc’s influence in global trade and resource allocation. The country’s vast oil reserves, growing digital economy, and youthful workforce position it as a key player in BRICS+’s African strategy. Nigeria’s integration is expected to unlock new funding avenues from the NDB and facilitate infrastructure development, particularly in energy and technology.
Indonesia’s inclusion further solidifies BRICS+ as a dominant economic force in Asia. With a GDP exceeding $1.2 trillion, Indonesia brings manufacturing prowess, a critical consumer base, and strategic access to global supply chains. Its participation may encourage other ASEAN economies to reconsider their engagement with BRICS+, potentially reshaping regional trade dynamics. Indonesia’s involvement strengthens the bloc’s push for an alternative financial framework, reducing reliance on Western-led institutions such as the International Monetary Fund (IMF) and the World Bank.
Economic Transformation Through BRICS+ Mechanisms
A key driver behind BRICS+ expansion is its financial independence from Western monetary systems. The NDB has emerged as a critical tool in reshaping global financial architecture, offering member states an alternative to IMF and World Bank funding models, which have often been criticized for imposing stringent economic conditions. With a renewed focus on trade in local currencies, BRICS+ expansion could accelerate the de-dollarization trend, reducing dependence on the U.S. dollar for international trade.
For Azerbaijan, Nigeria, and Indonesia, joining BRICS+ means access to diversified financial resources, opportunities for technology transfer, and expanded trade partnerships with China, India, and Russia. The bloc’s collective economic power, representing over 60% of the world’s population, offers these nations a broader market to scale their exports and attract foreign direct investment.
Challenges and Strategic Considerations
Despite the economic opportunities, BRICS+ newcomers face significant challenges. Azerbaijan, as a landlocked post-Soviet state, must enhance its trade infrastructure and political stability to maximize BRICS+ benefits. Nigeria must address internal governance issues and economic diversification to fully leverage its BRICS+ membership. Meanwhile, Indonesia will need to navigate its existing commitments with ASEAN and balance relations with Western trade partners while deepening BRICS+ integration.
A New Economic Order on the Horizon?
BRICS+ is positioning itself as a formidable force in reshaping global economic governance. With Azerbaijan, Nigeria, and Indonesia now in the fold, the bloc is expanding its reach across Asia, Africa, and Eurasia, fostering a multipolar financial order. The coming years will determine whether BRICS+ can translate its numerical strength into tangible economic transformation for its members.
As geopolitical tensions rise and traditional Western economic institutions face increasing scrutiny, BRICS+ has a unique opportunity to offer an alternative framework for economic cooperation and sustainable development. The challenge now lies in ensuring effective coordination, financial resilience, and strategic execution to turn this vision into a reality.
