Vice President Kashim Shettima has revealed that Nigeria attracted $1.27 billion in foreign capital from BRICS countries by June 2024, a significant increase from the $438.72 million recorded in the same period of 2023.
The BRICS bloc—comprising Brazil, Russia, India, China, and South Africa, alongside newer members such as Iran, Egypt, Ethiopia, and the United Arab Emirates—has played a pivotal role in strengthening Nigeria’s economic landscape.
Speaking at the 2024 China-Africa Inter-Bank Association Forum in Abuja on Wednesday, Shettima, represented by Dr. Aliyu Modibbo, Special Adviser to the President on General Duties, emphasized Nigeria’s deepening ties with BRICS nations. He highlighted that Nigeria’s strategic partnerships with these countries are crucial for domestic growth.
“Nigeria has always been open to alliances that support our developmental goals,” Shettima stated. “Our active engagement with BRICS nations, even as a non-member state, reflects this commitment, as demonstrated during our participation in the BRICS Summit in South Africa last year.”
He also noted that Nigeria’s involvement in the October 2024 BRICS Summit in Russia underscored the country’s dedication to fostering international partnerships. “The $1.27 billion capital influx from BRICS countries as of June 2024 marks a substantial rise from $438.72 million in 2023, reflecting growing trust and collaboration,” he added.
China: Nigeria’s Leading Trading Partner
Shettima highlighted China’s position as Nigeria’s largest trading partner, with bilateral trade reaching ₦7.38 trillion in the first half of 2024. He attributed this growth to President Bola Ahmed Tinubu’s diplomatic efforts, which resulted in the signing of five key Memoranda of Understanding during Tinubu’s official visit to China in September 2024. These agreements align with China’s Belt and Road Initiative, focusing on Nigeria’s infrastructural development.
“With a total trade value of ₦7.38 trillion as of June 2024, China remains Nigeria’s foremost trading partner,” Shettima emphasized. “Strengthening financial and banking ties with China is paramount, and President Tinubu’s efforts reflect our dedication to this strategic alliance.”
Strengthening Banking and Trade Relations
First Bank Group CEO, Olusegun Alebiosu, commended the China-Africa Inter-Bank Association for promoting trade and investment. He stressed the need for innovative solutions to eliminate barriers to trade between Africa and China.
“As hosts of this year’s forum, FirstBank is committed to CAIBA’s objectives,” Alebiosu said. “Through our Chinese desks staffed with Mandarin-speaking personnel, we are enhancing our understanding of Chinese culture and business practices. We aim to expand our presence beyond Beijing to commercial centers like Guangdong and Shanghai.”
He urged stakeholders to explore new ways to boost trade and investments, emphasizing the potential for China-Africa relations to drive socio-economic development.
China Development Bank’s Contributions
Wang Weidong, Vice President of China Development Bank, highlighted the bank’s role in enhancing China-Africa relations through infrastructure projects and support for small and medium-sized enterprises. These initiatives, he noted, have created 270,000 jobs across 33 African countries, demonstrating the tangible socio-economic benefits of this partnership.
