Vice President Kashim Shettima has announced that Nigeria attracted $1.27 billion in foreign capital from BRICS countries by June 2024, a notable increase from $438.72 million in the same period in 2023.
The BRICS bloc, which includes Brazil, Russia, India, China, and South Africa, as well as newer members like Iran, Egypt, Ethiopia, and the United Arab Emirates, has seen growing economic engagement with Nigeria.
Speaking at the 2024 China-Africa Inter-Bank Association Forum in Abuja on Wednesday, Shettima, represented by Aliyu Modibbo, the Special Adviser to the President on General Duties, emphasized the expanding economic ties between Nigeria and BRICS nations. He pointed out that Nigeria’s partnership with BRICS reflects its commitment to fostering strategic alliances for domestic growth, despite not being a member state.
Shettima remarked, “Nigeria has always been open to strategic alliances that support our domestic growth goals. This is why we actively engage with BRICS nations, as evidenced by our participation in the BRICS Summit in South Africa last year and at the October 2024 BRICS Summit in Russia. The growing foreign capital influx from BRICS countries, now at $1.27 billion, is a testament to the strengthening of our development partnerships and the growing mutual trust.”
He also highlighted China’s role as Nigeria’s top trading partner, with total trade between the two countries reaching N7.38 trillion in the first half of 2024. This growth, he noted, is a result of President Bola Ahmed Tinubu’s diplomatic initiatives, including the signing of five significant Memoranda of Understanding during his official visit to China in September 2024. These agreements are aligned with the Belt and Road Initiative and are aimed at advancing Nigeria’s infrastructure development.
Shettima added, “With trade valued at N7.38 trillion by mid-2024, China remains Nigeria’s primary trading partner. This underscores the importance of strengthening our bilateral ties, particularly in the financial and banking sectors. President Tinubu’s diplomatic efforts have solidified our commitment to this strategic relationship.”
At the event, Olusegun Alebiosu, CEO of First Bank Group, praised the China-Africa Inter-Bank Association for enhancing trade and investment between Africa and China.
He emphasized the need for innovative solutions to overcome trade barriers and highlighted the importance of this partnership for the industrialization and economic diversification of Africa.