Feature/OPED
BRICS Mapping De-dollarization for Emerging New World

By Professor Maurice Okoli
For the five BRICS (Brazil, Russia, India, China and South Africa) members, de-dollarization has become the latest common buzzword in English. Long before the highly-praised Johannesburg’s 15th BRICS summit, considered a very important step forward on the way to deepening interaction in the sphere of trade and investment with the nations of Global South, all the five BRICS leaders have made it their priority task to find their common currency so as not to depend on the United States dollar in the emerging new world.
Understandably, the primary reason is further delineating from United States hegemony and global dominance. In fact, the BRICS desire to facilitate global de-escalation, assist each other in solving issues concerning mutual interests and, in future, transact businesses in what they now popularly refer to as BRICS common currency. This question is already enshrined in the final comprehensive document that sets forth the general guidelines and principles of the association after the historic August 22-24 meeting held in South Africa.
South Africa was the summit host. Chinese and Brazilian presidents, the Indian Prime Minister, the Russian Foreign Minister, and leaders and representatives from some 50 other countries are in attendance. On August 22, Russian President Vladimir Putin addressed the BRICS business forum, among several significant issues highlighted the accelerating momentum of de-dollarization.
In a virtual address, Putin also criticized the sanctions policy of Western states, saying such practice is seriously affecting the international economic situation. He said the unlawful freezing of assets of sovereign states constitutes a violation of free trade and economic cooperation rules.
Putin said that efforts were in progress to create an international reserve currency based on a basket of currencies of the association’s member countries. Some experts believe such a currency may protect the BRICS countries from sanction risks associated with settlements in dollars and euros.
The objective and irreversible process of de-dollarizing the economic ties is gaining pace. Russia has been working hard to fine-tune effective mechanisms for mutual settlements and monetary and financial control. As a result, the share of the US dollar in export and import operations within BRICS is declining: last year, it stood at only 28.7 per cent, according to the Russian leader.
Russia has always advocated for switching trade between member countries away from the U.S. dollar and into national currencies, a process in which the BRICS New Development Bank would play a big role. “The objective, irreversible process of de-dollarizing our economic ties is gaining momentum,” he said.
He also urged BRICS to increase its role in the international monetary system and expand the use of national currencies. Noticeably, Russia, being one of the founding patrons of BRICS, acts as a unifying force behind and in the organization and largely determines that its role is strengthened for the future.
President of the People’s Republic of China, Xi Jinping, attended the BRICS Summit, for the third time, held in South Africa. The distinctive difference is that at this 2023 summit, the world has entered a new period of turbulence and rapid transformation.
“We gather at a crucial time to build on our past achievements and open up a new future for BRICS cooperation. We should deepen business and financial cooperation to boost economic growth.,” he emphasized. “We need to leverage the role of the New Development Bank fully, push forward reform of the international financial and monetary systems, and increase the representation and voice of developing countries.”
An English version of the article by Chinese President Xi Jinping titled “Sailing the Giant Ship of China-South Africa Friendship and Cooperation Toward Greater Success” widely published ahead of the 15th BRICS Summit in South African media, including The Star, Cape Times, The Mercury as well as Independent Online, also underlined the practical concept of multilateralism and push for the building of a more just and equitable international order.
South African companies are also racing to invest in the Chinese market to seize the abundant business opportunities, and they have made important contributions to China’s economic growth. The China-South Africa relationship is standing at a new historical starting point. It has gone beyond the bilateral scope and carries increasingly important global influence.
China and South Africa should be fellow companions sharing the same ideals. As an ancient Chinese saying goes, “A partnership forged with the right approach defies distance; it is thicker than glue and stronger than metal and rock.” Therefore, there is a need to increase experience sharing on governance and firmly support each other in exploring a path to modernization that suits both national conditions.
“We should fear no hegemony and work with each other as real partners to push forward relations amid the changing international landscape. In the face of the profound changes unseen in a century, a strong China-Africa relationship will provide more fresh impetus to global development and ensure greater stability. Looking ahead into the next 25 years,” he wrote in the article.
Indian Prime Minister Narendra Modi also underlined the current significance of BRICS in dealing with the world’s tensions and disputes, but most importantly, de-dollarization amid economic challenges. “In 2009, when the first BRICS summit was held, the world was just coming out of a massive financial crisis. At that time, BRICS emerged as a ray of hope for the global economy. In the present times, to shape strategies for economic cooperation, in particular ways of increasing trade settlements in local currencies and BRICS expansion.”
Brazilian President Luiz Inacio Lula da Silva believes the world will see massive changes in the coming years. “When we talk about Brazil and BRICS, we show that it is possible to create a new world. We don’t want to argue with anyone. We want integration between continents and equal conditions for all,” Lula da Silva said.
According to him, establishing partnerships between private sectors is a very relevant dimension of BRICS that gives life and continuity to the relations between the countries; participation in the global economy has been expanding since the first Summit of Heads of State and Government. “We have already surpassed the G7 and now account for 32% of the world GDP in purchasing power parity. Projections indicate that emerging and developing markets will present the highest growth rates in the coming years,” he explained in his speech.
According to the IMF, while growth in industrialized countries is expected to drop from 2.7% in 2022 to 1.4% in 2024, the expected growth for developing countries is 4% this year and the next. This shows that the economy’s dynamism is in the Global South – and BRICS is its driving force. Brazil’s total trade with BRICS increased from US$48 billion in 2009 to US$178 billion in 2022 – a 370% growth since the group was created.
Brazil’s BRICS Direct Foreign Investment stock increased 167% between 2012 and 2021, reaching 34.2 billion dollars. Today, almost 400 companies from the bloc operate in Brazil. The decision to establish the New Development Bank was a milestone in effective collaboration among emerging economies. The joint bank must be a global leader in financing projects that address the most pressing challenges.
In arguing, the president pointed to the BRICS New Development Bank (NDB) as a way to offer its financing alternatives suited to the needs of developing countries. “The creation of a currency for trade and investment transactions between BRICS members increases our payment options and reduces our vulnerabilities”, he said, reinforcing that developing countries need an international financial system that helps implement structural changes instead of feeding inequalities.
By diversifying payment sources in local currencies and expanding its network of partners and members, the NDB is a strategic platform to promote cooperation among developing countries. In this strategy, engagement with the African Development Bank will be central. At the multilateral level, BRICS stands out as a force favouring a fairer, more predictable, and equitable global trade. As of December, Brazil will occupy the presidency of the G20. The presence of three BRICS members in the G20 Troika will be a great opportunity for us to advance issues of interest to the Global South.
Reading through various reports, Peter Koenig, a geopolitical analyst and also a non-resident Senior Fellow of the Chongyang Institute of Renmin University in Beijing and a former Senior Economist at the World Bank, convincingly argues that many see the BRICS as the salvation from the West, from sanctions, from the dollar impositions, from debt enslavement – from trading restrictions… from outright theft of their currency reserves in foreign countries.
As a byline to the all too frequent western theft of reserve funds and gold…! But is this the purpose of the BRICS – providing shelter from the last onslaught of the West, led by the United States and her vassals – the Europeans? And is it right – that some of the BRICS leaders are constantly vacillating between the US and the BRICS solid core – China and Russia? Modi, for example, seems to be leaning towards whatever camp – West or East – he feels gives him more advantages.
Koenig further explained that many BRICS countries still depend on the US dollar as the bulk of their reserve currency, the main trade currency. De-dollarization for many is not happening overnight. Therefore, a common strategy is needed. To begin with and to avoid the dollar – trading among BRICS members (and even outside BRICS) with local currencies instead of dollars. This is relatively easy; for example, China and Argentina have done it for a long time. In the short-to-medium term – what might help and may become a necessity is having a common BRICS Trading Currency.
There has been a gradual shift away from trading in US dollars, and instead, countries adopted trading in their local currencies or in a currency of common use by trading partners, for example, the Chinese Yuan. Latin America – especially Argentina, Brazil, Mexico, and Venezuela – consistently uses local currencies or the Chinese Yuan to avoid the dollar. Avoiding the dollar is foremost for its protection from US sanctions. Increasingly, more countries will use this new trading mode – equitable and peaceful.
The Turkish edition Dunya notes that since the United States imposed financial sanctions on Russia last year, de-dollarization has gained momentum. The BRICS countries forced transactions using non-dollar currencies. After the start of the Ukrainian conflict, Russia, Iran, Brazil, Argentina, and Bangladesh went for broke against the United States, using the Chinese yuan instead of the dollar in trade.
Four Reasons for De-dollarization:
— Over-reliance on a single currency, changes in US monetary policy, and possible US sanctions or restrictions carry risks. In addition, the US government has run a large budget deficit for many years. And this raises concerns about inflation and the value of the dollar.
— The United States has been involved in many geopolitical conflicts in recent years, primarily the wars in Iraq and Afghanistan. These conflicts have resulted in heightened tensions between the US and other countries, making some states less willing to use the dollar.
— China, the world’s second-largest economy and an increasingly influential player in world trade is encouraging the use of its currency as an alternative to the dollar.
— Cryptocurrencies such as bitcoin, which are not subject to government control, have become attractive to those looking for an alternative to the dollar.
There are so many arguments and discussions about the question of global currency. But one more interesting analytical conclusion is here. Michael G. Plummer, Director at SAIS Europe and Eni Professor of International Economics at Johns Hopkins University, believes the global system gains from having an internationally accepted currency like the US dollar as a medium of exchange, unit of account and store of value. But its role will diminish at the margin at a rate that will be the function of exogenous factors, such as changes in the international marketplace, and endogenous factors, such as how the United States faces its financial and trade challenges.
As widely seen across the world, the BRICS bloc is rapidly gathering stronger momentum for a more democratic and multipolar world order that respects the sovereignty, equality, and diversity of all nations. The United States and Western allies often deeply underestimate its future growth and role on the global stage but have heightened interests in shaping its instruments, such as the BRICS Bank, which is likened to IMF and the World Bank, becoming the alternative organization, especially for the Global South.
Notwithstanding all the arguments, views and observations, Russia, isolated by the United States and Europe over its invasion of Ukraine, is keen to show Western powers it still has friends. In contrast, Brazil and India have forged closer ties with the West. There are still justifiable arguments, though, that the group’s members have long been thwarted by some internal divisions and, to some extent, a lack of coherent vision.
In Johannesburg, BRICS, under the 2023 chairship of South Africa, Cyril Ramaphosa, has achieved an appreciable milestone. As stipulated in the 10-point joint declaration, BRICS will continue, through its collective efforts, working steadily towards shaping an alternative new system across the ASEAN, Africa and Trans-Atlantic. BRICS, with an additional six members, is now home to more than 40% of the world’s population and more than a quarter of global GDP, the bloc’s ambitions of becoming a global political and economic player. As the new Chair, Russia will hold the next BRICS summit in Kazan in October 2024.
Professor Maurice Okoli is a fellow at the Institute for African Studies and the Institute of World Economy and International Relations, Russian Academy of Sciences. He is also a fellow at the North-Eastern Federal University of Russia. He is an expert at the Roscongress Foundation and the Valdai Discussion Club.
As an academic researcher and economist with a keen interest in current geopolitical changes and the emerging world order, Maurice Okoli frequently contributes articles for publication in reputable media portals on different aspects of the interconnection between developing and developed countries, particularly in Asia, Africa and Europe. With comments and suggestions, he can be reached via email markolconsult(at)gmail(dot)com
Feature/OPED
How AI is Revolutionizing Sales and Business Development for Future Growth

By Olubunmi Aina
Many experts have highlighted the growing impact of Artificial Intelligence (AI) across the financial industry, and I would like to share my perspective on a key functional area that typically drives business growth and profitability— sales and business development professionals and how AI is impacting their work.
Sales and business development professionals are often regarded as the engine room of an organization, thanks to their eye for business opportunities, ideation and conceptualization, market engagement and penetration expertise.
AI is enabling sales and business development professionals to automate tasks, take meeting notes, analyze data, and personalize customer experiences, all of which are embedded within CRM (Customer Relationship Management) systems. A CRM with an AI tool is what forward-thinking businesses are leveraging to manage leads, customer data, customer interactions, notify and remind professionals to take action when due, drive growth and profitability.
This is why it is crucial for these professionals to invest heavily in AI knowledge to remain globally competitive. This can be achieved through self-study, attending industry events, or consulting with leading technology companies that have embraced AI, such as Interswitch Group, AI In Nigeria, and Revwit.
Most importantly, to maximize the potential of AI, sales and business development professionals must pay close attention to customer interactions. and ensure they collect high-quality data. Feeding the data repository or CRM Systems with valuable insights and data from real customer engagement is key to getting AI to produce near accurate insight for effective results.
AI will continue to be a key driver of business growth and decision-making in the years ahead. If you are yet to embrace it, now is the time. Keep learning!
Olubunmi Aina is the Vice President, Sales and Account Management at Interswitch Group
Feature/OPED
Mother’s Day: Bridging Dreams and Burdens With Global Marketplace Success

Motherhood in Nigeria is a dynamic force fueled by strength, resilience, and unwavering love. As Mother’s Day approaches, we celebrate the women who carry the weight of their families and communities, often while nurturing their dreams. From bustling market traders to ambitious entrepreneurs, Nigerian mothers are a force to be reckoned with.
However, the reality is that balancing these roles can be incredibly challenging. The daily hustle, coupled with the rising cost of living, often leaves little time or resources for personal aspirations. This is where the digital marketplace and platforms like Temu are beginning to play a significant role, not just in Nigeria but globally.
For Stephanie, a Nigerian hair and beauty influencer navigating the demands of work and motherhood, the ease of online shopping became invaluable. She discovered that purchasing baby necessities, like baby high chairs from Temu, from the comfort of her home significantly simplified her life, granting her more time to dedicate to her family and professional pursuits.
Beyond convenience, digital platforms are also fueling entrepreneurial success for women. Caterina Tarantola, a mother of three, achieved the remarkable feat of opening her translation and interpretation office in just 15 days. Her secret weapon was also Temu. Initially skeptical of online shopping, she found it to be a personal advisor, providing everything from office furniture to decor, delivered swiftly and affordably. This kind of direct access is precisely what can empower many Nigerian mothers who strive to maximise their resources and time.
Similarly, Lourdes Betancourt, who left Venezuela to start a new life in Berlin, turned to Temu when launching her hair salon. By sourcing essential supplies directly from manufacturers, she avoided costly markups and secured the tools she needed to turn her vision into reality.
Since Temu entered the Nigerian market last November, more Nigerian mothers have embraced the platform to access quality, affordable products. By shopping online instead of spending hours at physical markets, they can reclaim valuable time for their businesses, families, and personal growth.
This shift reflects a global trend as consumers worldwide seek convenience and affordability. In response, Temu has rapidly grown into one of the most visited e-commerce sites and was recognized as a top Apple-recommended app of 2024.
The digital marketplace, while still developing in a place like Nigeria, presents a significant opportunity for empowerment. The progress made thus far highlights the tremendous potential for positive impact.
This Mother’s Day, we celebrate Nigerian mothers’ strength and adaptability. Like Stephanie, Caterina, and Lourdes, they are turning challenges into opportunities—building brighter futures for themselves and their families with the support of innovative online platforms like Temu.
Feature/OPED
Sacred Journeys, Earthly Burdens: The Cost of Nigeria’s Pilgrimage Economy

By Prince Charles Dickson PhD
The desert does not care for your prayers. It swallows them whole, along with your sweat, doubts, and wallet weight. Yet here we were—Nigerians in Jordan, then Israel, tracing paths carved by prophets and kings, stepping on stones smoothed by millennia of footsteps. From the Dead Sea’s buoyant bitterness to Bethlehem’s star-marked grottoes, the land thrums with sacred electricity. But as she walked, she couldn’t shake the question: What does this cost us? Not just in naira, but in soul.
You remember the chaos—Abuja’s airport buzzing with first-time pilgrims clutching rosaries and Qurans, tour guides shouting over the din, warnings about “japa temptations” mingling with sermons. For many, this was a once-in-a-lifetime escape: from potholed streets, blackouts, and the gnawing uncertainty of survival back home. Yet even here, in the shadow of Herod’s stones and Galilee’s shores, Nigeria followed us. The tour operators in Jordan haggled like Lagos market women; Israeli border guards scrutinized our green passports with weary suspicion. And beneath it all, the Gaza war hummed like a discordant hymn, a reminder that holiness and human conflict are ancient bedfellows.
Let’s talk numbers; if a single pilgrimage package costs roughly N3.5 to N5 million per person, multiply that by thousands of pilgrims annually, and Nigeria bleeds billions into foreign economies.
In Jordan, our guides grinned as they narrated Petra’s history, their pockets fattened by dollars. In Israel, the pilgrimage industry is a well-oiled machine: hotels near Nazareth charge premium rates, Dead Sea mud is packaged and sold as divine therapy, and even the Via Dolorosa has a gift shop. Meanwhile, back home, nurses strike over unpaid wages and students scratch equations into dust-choked chalkboards.
The Catholic Bishops’ recent call cuts like a knife: “Stop funding pilgrimages. Let faith pay its way.” Their logic is mercilessly practical: why should a nation drowning in debt—where 63% of citizens survive on less than $2 a day—subsidize spiritual tourism for a privileged few? The National Hajj Commission (NAHCON) and Christian Pilgrims’ Board, riddled with corruption scandals, stand as monuments to mismanagement.
Remember the 2017 scandal where officials embezzled ₦90 million meant for pilgrims’ visas? Or the 2022 Hajj airlift fiasco that stranded thousands? These boards, the bishops argue, “serve neither their adherents nor the nation.”
Yet, the allure persists. For many pilgrims, government sponsorship isn’t just a subsidy—it’s a lifeline. “I saved for ten years,” a retired teacher from Enugu told me, her eyes glistening at the Jordan River. “Without the board’s help, I’d never see Jerusalem.” Herein lies the paradox: pilgrimage is both a spiritual awakening and a symptom of systemic failure. When the state funds faith, it commodifies it—and when it withdraws, it risks severing the vulnerable from their solace.
Ah, the pilgrims themselves! Nigerians are nothing if not theatrical. There were the “Captains”—self-appointed prayer warriors who bossed others around like generals in God’s army. The Comedians, crack jokes at Caiaphas’ dungeon to ease the tension. The Holier-Than-Thous, who tsk-tsked at women’s uncovered hair while surreptitiously snapping selfies at Golgotha and the quiet ones, like the widow from Sokoto who touched the Western Wall and wept without sound.
But spirituality here is tangled with spectacle. At the Dead Sea, I watched a pastor bottle the salty water, declaring it “a weapon against household witches.” In Bethlehem, traders hawked olive-wood crosses next to “I Error! Filename not specified. Jesus” t-shirts. Is this awakening? Or is it the monetization of longing?
The bishops’ critique is not just fiscal—it’s theological. “True faith,” their statement insists, “is not measured in miles travelled but in mercy shown.” They urge a reckoning: if Nigeria redirected pilgrimage funds to healthcare, education, or infrastructure, could that itself be a sacred act? Imagine N30 billion—the approximate annual cost of state-sponsored pilgrimages—channeled into neonatal clinics or rural electrification. Would that not honor the “least of these” whom Christ called us to serve?
But the counterargument simmers: pilgrimages foster unity, they say. On that flight to Tel Aviv, I saw Muslims and Christians swap snacks and stories. A Hausa imam helped a Yoruba grandmother fasten her seatbelt. For a moment, Nigeria felt possible again. Yet this fragile camaraderie exists in a bubble—one paid for by a state that can’t fix its roads.
You asked me, “Can’t we have both—pilgrimages and progress?”* Perhaps. But not under this broken model. Here’s the radical alternative:
Decouple State and Sanctuary: Let religious groups self-organize pilgrimages, as the bishops propose. If a church or mosque can rally its flock to fund journeys, so be it—but without dipping into public coffers.
Audit the Sacred: Demand transparency from pilgrimage boards. Publish budgets, punish graft, and let pilgrims know exactly where their money goes.
Reinvest in the Here and Now: Redirect saved funds to tangible ministries—hospitals, schools, food banks—that embody “love thy neighbour” more vividly than any tour group.
On our last night in Jerusalem, I sat with a group under the stars. Nima from Plateau said quietly, “I came to feel closer to God. But I felt Him more when that waiter in Amman refilled my water…”. I urged her to tell the story—
It was the unlikeliest of sanctuaries—a crowded restaurant, humming with the chaos of clattering plates and overlapping voices. Amid the rush, a young waiter moved with a grace that transcended duty. His smile was not merely professional; it was an offering. In a world where transactions often eclipse connection, he chose to see me. I asked for three small things: hot water to refill my flask, a bowl of midnight-dark yogurt, and sugar to sweeten it—simple requests, yet specific, requiring attention in a sea of demands. He could have sighed, rolled his eyes, or deferred to the crowd. Instead, he leaned in.
His “of course” was a quiet rebellion against indifference.
The steaming flask returned, cradled like something sacred. The yogurt arrived, its darkness cradled in a bowl that gleamed like polished obsidian. The sugar, poured with care, became more than a condiment—it was a covenant.
At that moment, the noise faded. Here was a stranger who had every reason to rush, yet chose to pause. Here was proof that kindness is not a grand gesture reserved for saints, but a series of deliberate, ordinary acts: I will listen. I will try. You matter.
How much lighter the weight of our differences would be if we all carried this truth: that every interaction is a crossroads. We can choose to armour ourselves in a hurry, or we can meet one another as this young man did—with eyes that recognize a shared humanity. The systems we’ve built—borders, hierarchies, ideologies—are illusions compared to the raw, aching need we all harbor: to be treated gently, to be acknowledged.
As I stirred the sugar into the yogurt, dissolving bitterness into sweetness, I thought of all the ways we hunger. For warmth. For dignity. For the courage to ask for what we need, and the grace to honor those who ask. The world will not slow down. But in its frenzy, we can be oases for one another—pouring hot water into empty vessels, handing over sugar like a promise.
This is how we mend the fractures: not with grand declarations, but with the daily sacrament of paying attention. The waiter’s name is lost to me now, but his lesson lingers: in a universe that often feels cold and vast, we hold the power to make it intimate, one act of deliberate kindness at a time.
What if we all moved through life as he did—not merely serving, but seeing?
There it is—the heart of the matter. Spirituality isn’t stamped in a passport; it’s woven into daily acts of attention, kindness, and justice. Nigeria’s pilgrimage industry, for all its grandeur, risks reducing faith to a transactional spectacle. The bishops aren’t arguing against devotion—they’re pleading for a redefinition of what’s holy.
The desert still whispers. But maybe the miracle we need isn’t in Jordan’s rivers or Jerusalem’s tombs. Maybe it’s in the courage to stay home—to build a nation where the sacred isn’t a luxury, but a lived reality. May Nigeria win!
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