Vice President Kashim Shettima has revealed that Nigeria attracted $1.27 billion in foreign capital from BRICS nations by June 2024, a significant increase compared to the $438.72 million recorded during the same period in 2023. The BRICS bloc, comprising Brazil, Russia, India, China, and South Africa, recently expanded to include countries like Iran, Egypt, Ethiopia, and the UAE.
Speaking at the 2024 China-Africa Inter-Bank Association Forum in Abuja, Shettima, represented by Dr. Aliyu Modibbo, emphasized Nigeria’s growing economic ties with the bloc, highlighting its efforts to foster strategic partnerships for domestic growth.
Shettima noted Nigeria’s active participation in BRICS initiatives despite not being a member state, citing its involvement in last year’s summit in South Africa and the October 2024 BRICS Summit in Russia.
He expressed satisfaction with the increasing foreign capital inflow, attributing it to Nigeria’s commitment to strengthening development partnerships. “The $1.27 billion capital inflow as of June 2024 demonstrates the deepening trust and collaboration between Nigeria and BRICS nations, supporting our domestic growth objectives,” Shettima remarked.
The Vice President also highlighted China’s status as Nigeria’s top trading partner, with trade between the two nations reaching N7.38 trillion in the first half of 2024. He credited President Bola Ahmed Tinubu’s diplomatic engagements for enhancing bilateral ties, including the signing of five Memoranda of Understanding during Tinubu’s September 2024 visit to China.
These agreements align with the Belt and Road Initiative, aimed at improving Nigeria’s infrastructure. Shettima emphasized the importance of strengthening financial and banking collaborations to sustain this strategic partnership.
At the forum, First Bank Group CEO Olusegun Alebiosu commended the China-Africa Inter-Bank Association for fostering trade and investment. He highlighted the bank’s efforts to support Chinese businesses in Africa, including establishing Chinese desks staffed with Mandarin-speaking personnel.
Alebiosu called for innovative solutions to eliminate trade barriers, describing China-Africa relations as crucial for industrialization and economic diversification. Additionally, Wang Weidong, Vice President of the China Development Bank, noted the bank’s contributions to Africa’s development through infrastructure projects and SME support, which have created 270,000 jobs across 33 African nations.
- Tags: BRICS, BRICS summit, foreign investments
