Recently, the renowned legal luminary, Afe Babalola, expressed deep concern over the pervasive issue of brain drain in Nigeria, highlighting the stark disparity in earnings between Nigerian professionals and their counterparts abroad. He lamented that Nigerian doctors, who are highly skilled and dedicated, often earn less than cleaners in most G7 countries. This troubling trend is not limited to the medical field; it extends to other sectors, including information technology (IT), where many Nigerian professionals are also seeking greener pastures overseas. This mass exodus of talent is a significant loss for Nigeria and other Global South nations, as it deprives them of the human capital needed for sustainable development.
While salary increases have long been touted as a solution to improving the standard of living in many Global South countries, the recent revelations surrounding DeepSeek have shed light on a more profound and systemic issue. The current global financial and economic system appears to be heavily skewed in favor of developed economies, particularly the G7 nations. This system, as exposed by the DeepSeek saga, does not accurately reflect the true value of money or labor, especially in developing countries. Instead, it perpetuates a form of modern-day economic slavery, where the wealth and resources of poorer nations are systematically extracted and undervalued, while the benefits are disproportionately reaped by wealthier nations.
The DeepSeek revelations have underscored the urgent need for a more equitable global financial system—one that recognizes and rewards the contributions of all nations, regardless of their economic status. The current system, which is largely dominated by the G7 and their allies, has created a lopsided world order where developing economies are left struggling to compete on an uneven playing field. This has led to widespread economic instability, poverty, and inequality in many parts of the Global South.
However, there is hope on the horizon. The emergence of BRICS (Brazil, Russia, India, China, and South Africa) as a collective economic force offers a potential alternative to the existing US-led global order. BRICS represents a coalition of nations that are seeking to challenge the dominance of the G7 and create a more balanced and inclusive global financial system. While BRICS is not intended to replace the US, G7 financial system entirely, it provides a much-needed counterbalance, offering developing nations an alternative platform for economic cooperation and growth.
Capitalism, by its very nature, thrives on competition. The existence of alternatives, such as BRICS, is a healthy development for the global economy. It encourages innovation, fosters collaboration, and ensures that no single entity or group of nations can monopolize power and resources. From my understanding, BRICS is not about overthrowing the existing global order but rather about creating a more multipolar world where developing nations have a stronger voice and greater agency in shaping their economic futures.
To the nations of the Global South, I say: take heart, for deliverance is at hand. The rise of BRICS and other emerging economic alliances signals a shift in the global power dynamics. While the road ahead may be challenging, the collective efforts of these nations can pave the way for a more just and equitable global financial system. The stranglehold of the current monetary system, which has long stifled the growth and potential of developing economies, is beginning to loosen. With perseverance, unity, and strategic collaboration, the nations of the Global South can break free from the chains of economic oppression and chart a new course toward prosperity and self-determination.
Is global North enslaving global South?