In the shifting sands of global power, a new axis is emerging—and it’s not just a matter of numbers or acronyms. The BRICS coalition, now representing nearly half the world’s population and almost 30% of global GDP, is rapidly gaining ground, challenging the old order dominated by the United States and its G7 allies. But what does this mean for the future of global finance, geopolitics, and the everyday lives of billions?
On November 4, 2025, new data from the IMF’s World Economic Outlook October Update, as reported by 300th, revealed a striking contrast: while many G7 economies face stagnation or slow growth, BRICS countries are experiencing rapid GDP expansion, fueled by investment, trade, and transformative demographic shifts. This isn’t just a statistical quirk. It’s a sign of a deeper, more structural change—a move toward a genuinely multipolar world, one where economic and political power is no longer concentrated in a handful of Western capitals.
The story of BRICS began in the wake of the 2008 global financial crisis. In 2009, Brazil, Russia, India, and China came together to discuss how developing economies could insulate themselves from the volatility of Western markets. By 2010, South Africa had joined, and the alliance was born. Their message, as Kareem Kochi writes for Ocl Media, was unmistakable: "The world needs a new multipolar order—not one dictated by a single currency or country." This sentiment resonated across Asia, Africa, and Latin America, where many felt marginalized by Western-dominated institutions like the IMF and World Bank.
For decades, the U.S. dollar has been the linchpin of international finance—a status cemented after World War II by the Bretton Woods system and, later, the petrodollar arrangement. But as the 21st century unfolds, the dollar’s dominance is being quietly, but steadily, eroded. BRICS nations have launched a series of bold initiatives: the New Development Bank, which funds infrastructure without Western strings attached; a surge in local currency trade (with China and Russia now settling over 70% of their bilateral trade in yuan and rubles); increased gold reserves as a hedge against dollar volatility; and even discussions of a common BRICS currency, possibly backed by gold or commodities.
Yet, as the IMF notes, the U.S. dollar remains a formidable force, accounting for more than 58% of global foreign exchange reserves and 80% of international trade settlements. Still, the trend is clear: the dollar’s share has been slipping for two decades, and even traditional U.S. allies like Saudi Arabia, Egypt, and the UAE are now showing interest in BRICS-led alternatives. According to Ocl Media, "The dollar may not collapse overnight, but its era of unquestioned supremacy is clearly over."
Nowhere is this power shift more evident—or more consequential—than in Africa, and especially in Nigeria. As Araka Okolieaboh writes in a recent policy analysis, Nigeria stands at a strategic crossroads, caught between intensifying U.S.-China rivalry and the rising influence of BRICS. Nigeria, Africa’s most populous nation and its largest oil producer, has long been a focal point for both Washington and Beijing. The U.S. sees Nigeria as the anchor of West African stability and a key partner in the fight against jihadist extremism, providing security assistance and diplomatic support. China, meanwhile, has poured billions into Nigerian infrastructure—railways, ports, and power stations—under the Belt and Road Initiative, with bilateral trade now exceeding $20 billion annually.
But Nigeria’s internal fragility—marked by chronic insecurity, corruption, and governance challenges—makes it vulnerable to external manipulation. Okolieaboh warns that persistent weakness could turn Nigeria from a valued partner into a battleground for great-power competition. In his words, "The tragedy of great-power politics is not inevitable; it is amplified by domestic fragility. Strengthening internal governance is therefore Nigeria’s best defense against external coercion."
In 2025, Nigeria took a significant step by becoming a BRICS "partner country," signaling a pragmatic diversification of its international relationships. This move gives Nigeria access to alternative sources of development finance, often with fewer governance conditions than Western lenders require. The New Development Bank and Chinese credit lines have delivered tangible benefits—faster infrastructure delivery, for one—but also bring risks: opaque contracts, limited technology transfer, and the specter of debt distress.
For Nigeria, the challenge is to turn BRICS engagement into genuine autonomy, not simply a new form of dependency. Okolieaboh suggests a series of strategic imperatives: rebuilding internal security through governance and justice reform; diversifying the economy beyond oil; ensuring debt transparency by publishing loan contracts; and using regional organizations like ECOWAS and the African Union to raise the cost of external interference. He argues, "A state that governs transparently, empowers its citizens, and negotiates external partnerships on clear terms is strong. One that relies on patronage and secrecy is weak, regardless of military size."
Western partners, for their part, are being urged to rethink their approach. Rather than focusing solely on counter-terrorism or elections, Washington and Brussels are encouraged to offer blended finance (combining aid and private capital), build Nigerian regulatory and anti-corruption capacity, expand market access for value-added exports, and maintain security cooperation with real accountability. This, Okolieaboh contends, would show that liberal partnerships can compete credibly with BRICS while respecting Nigerian sovereignty.
Globally, the rise of BRICS is more than just an economic story. It’s a geopolitical transformation—one in which Russia seeks to weaken Western dominance and sidestep sanctions, China dreams of a new Silk Road, India balances relations between the West and the Global South, and Brazil and South Africa demand fairer representation for emerging economies. As Kochi observes, "BRICS is not just an alliance—it’s an alternative worldview where economic sovereignty matters more than Western approval."
But the road ahead is anything but smooth. While a multipolar financial world could reduce volatility and dependency on a single system, it also risks new forms of competition, instability, and fragmentation. BRICS countries themselves face internal political rivalries, governance issues, and uneven development—hardly a recipe for seamless cooperation. As the IMF and other analysts caution, trust and stability still keep the dollar strong, thanks to deep U.S. capital markets, relative political transparency, and a global military presence securing trade routes.
Still, the momentum is undeniable. As Kochi puts it, "History is not about who rules forever—it’s about who adapts faster." The BRICS alliance may not topple the dollar tomorrow, but it has already rewritten the script on global power, sovereignty, and financial justice. For countries like Nigeria, the choices made now—about governance, alliances, and economic strategy—will determine whether they emerge as stabilizers or flashpoints in the new global order.
In this unfolding drama, the tragedy of great-power politics is not destiny. It’s a warning—and perhaps, for those willing to adapt, an opportunity.
