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BRICS: Considerations and Implications of a Single BRICS Currency

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Franco Macchiavelli BRICS Currency

By Franco Macchiavelli

The 15th BRICS Summit, hosted by South Africa in Johannesburg from 22 to 24 August, culminated in the widely anticipated announcement of a soon-to-be expanded BRICS bloc, with the admission of six new member countries to this economic grouping from January 2024.

In the build-up to this year’s BRICS Summit, there has also been some speculation that the grouping might discuss the issuance of a joint currency to compete with the dollar as the reserve currency with world hegemony.

However, this issue was not addressed during the event. South Africa’s representative stated that such an approach was never considered, and India’s foreign minister also dismissed the possibility.

Data from the IMF’s 2023 World Economic Outlook shows that together, these five economies – Brazil, Russia, India, China, and South Africa – account for roughly 40 per cent of the world’s population and 20 per cent of global trade flows. Despite the logic behind the idea of introducing a new currency in place of the dollar, the truth is that this would be rather complicated to implement – at least in the short to medium term.

If the idea were to come to fruition, there would be two main approaches:

  1. Create a new central bank that would issue a single currency to replace the national currencies of each of the five countries (Brazil’s real, Russia’s rouble, India’s rupee, China’s yuan and South Africa’s rand). However, this would require these countries to give up their monetary sovereignty, which would limit their ability to manage the value of their own currency according to their economic needs. To understand this better, if Brazil wanted to depreciate its currency to improve its exports, but the other countries did not agree, Brazil would not be able to make this decision unilaterally. Therefore, we are talking about an important risk in the management of each country and the different factors that affect its growth and economic and monetary management.
  2. 2. A different scenario would be to adopt the currency of one of the member countries as the BRICS’ own currency, such as China’s yuan. However, this would also present major challenges, as the remaining countries would again lose their monetary sovereignty, this time to China, which could limit their ability to make independent economic decisions. If, for example, China wanted to implement a rate cut to boost domestic economic growth, the remaining BRICS nations would be affected collaterally without having been able to influence China’s decision, also affecting the other economies that might not be experiencing the same characteristics and conditions as China.

In short, both paths are complicated to pursue and present significant obstacles for member countries.

What is certain, however, is that these countries aim to reduce their dependence on the dollar in the future. Currently, when the BRICS sell their products to the rest of the world, they receive payments in dollars and accumulate these dollar-denominated reserves. However, fluctuations in the value of the dollar over the years have posed a significant depreciation risk for these countries.

Most of the BRICS have been accumulating dollar reserves for years, and with the effect of inflation, these have been affected because they have mostly not imported goods but accumulated reserves.

What would happen if, instead of accumulating dollar reserves, they accumulated reserves in another currency through trade among the members themselves?

This brings to mind the recent case of trade between Russia and India:

India has been buying oil from Russia at a significant discount to the price in the West. However, these purchases have been paid for in rupees. So, if we talk in terms of trade, Russia sells oil to India and receives payment in rupees but collaterally faces a significant currency risk, i.e., that rupees depreciate over time even more than the dollar.

Moreover, rupees are only accepted in India and do not have the global hegemony to buy any asset across the world, which complicates the management of its international reserves, unlike the dollar, which is accepted globally in the purchase and sale of any good, asset or service.

Ultimately, despite the search for alternatives to the dollar, replacing it with a new currency poses considerable challenges for the BRICS and makes it unlikely to manifest itself in the near future due to the complexity of its implementation.

Naturally, the addition of six additional nations – Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates will multiply the complexities significantly.

It will be interesting to see what impact the BRICS expansion will have on the global economy and geopolitics, but for now, the dollar will continue to be the dominant trading currency.

Franco Macchiavelli is a Market Analyst at Admirals and a Certified European Financial Advisor (EFA) (Nr 35591)  

Trading involves risk.

Disclaimer: The views expressed in this article reflect those of the writer and do not represent the official opinion of Admirals Group or any of its affiliate companies. This article does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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Piracy in Africa’s Creative Sector: How Creators Can Protect Their Content

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Creators Can Protect Their Content

Africa’s creative industries, from music and film to fashion, writing, and branding, are experiencing remarkable growth. However, as the sector flourishes, so do the threats posed by piracy and copyright infringement. Without proper protection, creators risk losing the value and recognition they deserve for their original work.

Copyright remains the first and most important line of defence. In many African countries, copyright protection begins automatically once a creative work, such as a song, logo, film, or design, is fixed in a tangible form. This protection can last for the creator’s lifetime, and in most cases, up to 70 years after. Yet, while automatic copyright provides a foundation, official registration strengthens legal standing and can be critical in resolving disputes.

When a creator’s work is used without permission, the violation must be addressed swiftly. Experts advise that the first step is to gather evidence—screenshots, URLS, timestamps, user details, and even data showing engagement or financial gain from the misused content. Proof of ownership, such as original files with timestamps, draft versions, or social media records of earlier uploads, is equally vital.

“Creators should always have proof of ownership ready,” says Frikkie Jonker, Director of Anti-Piracy at MultiChoice. “That could be anything from original project files to old emails or posts. It’s one of the most effective tools in enforcing your rights.”

Once evidence is collected, creators can issue takedown requests through social platforms or send formal cease-and-desist letters to website owners or hosts. Although enforcement processes differ by country, most African nations have copyright laws aligned with global standards like the U.S. DMCA. In many cases, showing credible ownership is enough to have infringing content removed.

If infringement continues or is being done at scale, such as by piracy rings or repeat offenders, creators may need to escalate the issue by reporting it to national copyright commissions or law enforcement. Efforts are also being bolstered across the continent through cooperation under agreements like the African Continental Free Trade Area (AfCFTA), with international bodies like Interpol, Afripol, and WIPO supporting cross-border enforcement.

Preventative measures are just as important. Creators are encouraged to use tools like digital watermarking and content fingerprinting to protect their work from unauthorised use online. Furthermore, smart monetisation strategies, such as YouTube’s Content ID syste,m can allow creators to earn revenue even when their content is reused without prior permission.

By understanding their rights, taking proactive steps to protect their creations, and using available technologies, African creatives can safeguard their work while continuing to build sustainable, long-term careers.

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A Journey Through Policy: My Personal Experience

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policymaking

By Saifullahi Attahir

If there was ever anything that gave me goosebumps and immense pleasure, it was being surrounded by intellectuals and mature minds absorbing facts and figures about governance, economics, public health, policymaking, national security, and international relations. In such situations I easily lose myself, forgetting almost all other things.

Even at medical school, my best lectures were those with frequent digressions, whereby the lecturer would discuss the pathogenesis of diseases for 30 minutes and later sidetrack into discussing politics, governance, or other life issues. I always enjoyed classes led by Prof. Sagir Gumel, Dr. Murtala Abubakar, Dr. Rasheed Wemimo, Dr. Aliyu Mai Goro, and co.

During such lectures, I often observed some of my colleagues disappointment for such deviation. I rather casually show indifference, for I was eternally grateful for such discussions due to the stimulatory effect they had on my mind.

After such classes, I sometimes followed up with the lecturer, not to ask about a medical concept I did not grasp, but to ask for further explanation on policy making, project execution, budgetary expenditures, why African countries are left behind, and similar pressing issues.

In situations where I can’t catch up with the lecturer, I jotted down the questions for further deliberation.

One of the manifest feature I know about my greediness was at reading books. I can open five different books in a day. I lack such discipline to finish up one before another. I can start reading ‘Mein Kampf’ by Adolf Hitler, and halfway through 300 pages, I would pick up ‘My Life’ by Sir Ahmadu Bello, and would have to concurrently read both until the end.

I often scolded myself for such an attitude, but I can’t help myself. The only way to practice such discipline was to at least read two different books in a day. Such was a triumph in my practice of self-discipline. This was apart from my conventional medical textbooks.

To some of my friends, I was called an accidental medical doctor, but actually it was a perfect fate guided by the merciful Lord that I’m studying medicine.

 For it was only medicine that makes reading books easier for you. Although time is precious in this profession, but  one finds it easier to do anything you are passionate about. The daily  interaction we have  with people at their most vulnerable state was another psychostimulant. Seeing humans suffering from disease conditions is heartache. Some of the causes are mere ignorance, poverty, superstitions, and limited resources.

The contribution one can give couldn’t be limited to just prescribing drugs or surgical procedures that end up affecting one person. It’s much better to involve one self in to position that may bring possible change to the whole society even in form of orientation.

What also motivated me more was how I wasn’t the first to traverse this similar path. Bibliophiles were common among medical students and medical professionals.

At  international level, the former Prime Minister of Malaysia, Dr. Mahathir Muhammad, was a physician.

Most of the current economic development of Malaysia was attributed to him. The South American revolutionary figure Che Guevara was a physician. Atul Gawande was an endocrinologist, health policy analyst, adviser to former President Obama, campaign volunteer to former President Bill Clinton, and adviser to USAID/WHO on health policies.

Frantz Fanon was another physician, psychiatrist, racial discrimination activist, and political writer. Dr. Zakir Naik was a renowned Islamic scholar, comparative religion expert, and physician.

At the national level, Prof. Usman Yusuf is a haematologist, former NHIS DG, and currently a political activist. Dr. Aminu Abdullahi Taura was a psychiatrist and former SSG to the Jigawa state government. Dr. Nuraddeen Muhammad was a psychiatrist and former cabinet minister to President Goodluck Jonathan.

During ward rounds and clinics, my mind often wanders to enquire not just  about the diagnosis but the actual cause of the disease condition; why would a 17-year-old multiparous young lady develop peripartum cardiomyopathy (PPCM)? Why would a 5-year-old child develop severe anaemia from a mosquito bite? Why would a 25-year-old friend of mine develop chronic kidney disease, and his family would have to sell all their belongings for his treatment? Why are our Accident and Emergency units filled with road traffic accident cases? Was it bad road conditions or lack of adherence to traffic laws and orders?

Why are African countries still battling with 19th century diseases like Tuberculosis, filariasis, and malarial infections? Why issues of fighting cervical cancer and vaccination campaigns are treated with contempt in our societies? Why access to basic primary healthcare in Nigeria was still a luxury 50 years after Alma Ata declaration?

The questions are never-ending…

Answers to these questions could be found not in the conventional medical textbooks like Robbins/Cotrand, Davidson, or Sabiston. Answers to these questions are there on our faces. Answers to these questions are tied to the very fabric of our social life, our public institutions, our culture, and our life perspectives.

In order to make any significant contribution towards the betterment of this kind of society, it would be quite easier as an insider rather than an outsider. You can’t bring any positive outcome by just talking or commenting. It was rightly stated that a cat in gloves catches no mice.

The real players in a game are always better than the spectators. A player deserves accolades despite his shortcomings, frequent falls, and inability to deliver as planned theoretically. For the player has seen it all, because so many things in public life are not as they appear. It’s only when you are there that the reality becomes visible. This is the reason why many leaders who have goodwill and enjoy public support appear to have lost track or contributed insignificantly when elected or appointed into office.

But despite all these challenges, one can’t decline to do something good just because something bad might happen. The risk is worth it….

Attahir wrote from Federal University Dutse

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A Healthier Future: President Tinubu’s Drive to Improve Nigerian Healthcare

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Letter to President Tinubu

By Victor Benjamin

Health is wealth,” a common adage echoing through Nigerian communities, encapsulates the fundamental importance of well-being. President Bola Tinubu’s administration appears to have taken this sentiment to heart, demonstrating a bold commitment to revolutionising Nigeria’s health sector.

Through a multi-pronged approach focused on strengthening infrastructure, upskilling manpower, and ensuring efficient healthcare delivery, the administration is signaling a new era for healthcare in Nigeria. This ambitious agenda, backed by tangible initiatives and achievements, holds the promise of a healthier and more prosperous nation.

President Bola Ahmed Tinubu’s administration has launched a comprehensive and ambitious agenda to transform Nigeria’s healthcare sector, signaling a new era of progress and commitment to the well-being of the Nigerian people. This multi-pronged approach focuses on strengthening infrastructure, upskilling the healthcare workforce, enhancing system efficiency, and addressing critical public health challenges. The administration’s actions are demonstrably moving towards a more robust and accessible healthcare system.

A cornerstone of this transformation is the aggressive expansion and upgrade of healthcare infrastructure. The federal government’s decisive action to convert the General Hospital Kumo in Gombe State into a Federal Medical Centre (FMC) is a prime example. This strategic upgrade, the second federal medical institution in Gombe, will significantly improve healthcare delivery in the Northeast region. Moreover, the upgraded Kumo FMC will serve as a teaching hospital for the Federal University of Kashere and Lincoln University, Kumo, contributing to the crucial training of future medical practitioners.

Furthermore, the administration is committed to dramatically increasing the number of functional Primary Healthcare Centres (PHCs) from 8,809 to over 17,600 by 2027. This expansion aims to bring quality healthcare closer to communities, particularly in underserved areas. To support this, the Basic Health Care Provision Fund (BHCPF) is being redesigned to provide more Direct Facility Funding to healthcare facilities, increasing from N300,000 to N600,000-N800,000 per quarter. The federal government has also identified 577 primary healthcare centres for immediate revitalization, indicating a focused and actionable plan.

Recognising that a strong healthcare system relies on a skilled workforce, President Tinubu has prioritised investment in human resources for health. The approval of 774 National Health Fellows, selected from each local council, aims to foster sustained improvements and cultivate future healthcare leaders. The administration has also set out to train 120,000 frontline health workers over 16 months, with 40,240 already trained, addressing critical manpower gaps in PHCs.

Additionally, the enrolment capacity of accredited nursing and midwifery institutions is being increased to meet the growing demand for healthcare professionals. A community health programme is being redesigned to create 126,000 jobs for community health workers, extending essential health services to remote and underserved communities.

Strengthening healthcare systems and efficiency is another critical aspect of the administration’s agenda. The Nigeria Health Sector Renewal Investment Initiative (NHSRII), launched in December 2023, serves as a strategic blueprint to improve population health outcomes through primary healthcare and enhance reproductive, maternal, and child health services.

The National Primary Health Care Development Agency (NPHCDA) is developing a three-year digitalisation agenda, encompassing facility functionality, supply chain management, financial management, and the community health information system.

This initiative promises improved efficiency and data-driven decision-making. Nigeria’s active participation in the Collaborative Active Strategy (CAS) further streamlines health campaigns and strengthens the overall health system.

Addressing critical health challenges is also a priority. First Lady Senator Oluremi Tinubu’s strong advocacy campaign against tuberculosis (TB), declaring it a health emergency and committing an additional N1 billion through the Renewed Hope Initiative, highlights the administration’s focus on tackling significant public health issues. The nationwide rollout of HPV vaccination, with over 12 million girls vaccinated, demonstrates a proactive approach to preventive healthcare.

The international community has recognised the administration’s commitment. The World Bank has approved $1.57 billion to support the health sector in Nigeria, focusing on strengthening human capital through better health for women, children, and adolescents. This significant financial support underscores the global confidence in the administration’s vision and execution.

President Tinubu’s comprehensive health agenda promises substantial benefits for the Nigerian populace. Foremost, it aims to drastically improve access to quality healthcare, particularly at the primary level, ensuring that even remote communities receive essential medical services.

This is complemented by a concerted effort to build a more robust and better-trained healthcare workforce, effectively addressing critical manpower shortages and ensuring adequate staffing across facilities. Simultaneously, the administration is focusing on strengthening healthcare infrastructure and equipment, upgrading existing facilities and constructing new ones to provide healthcare providers with necessary resources.

Furthermore, the agenda prioritises the creation of more efficient and transparent healthcare systems through digitalisation and improved financial management, streamlining processes and optimising resource allocation. Crucially, it demonstrates a strong commitment to tackling critical public health issues, such as tuberculosis and immunisation, through focused attention and targeted interventions. These multifaceted efforts collectively pave the way for a healthier nation, enhancing the overall well-being of the Nigerian people.

This comprehensive approach underscores President Tinubu’s understanding of the critical role of a strong healthcare system in national development. By prioritizing infrastructure, workforce development, system efficiency, and targeted interventions, the administration is laying the foundation for a healthier and more prosperous Nigeria. This narrative presents a compelling story of progress and commitment in the Nigerian health sector, marking a significant step towards a brighter future for the nation’s healthcare.

Victor Benjamin is the West/South South Director for Young Professionals for Tinubu (YP4T)

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