Nigeria’s Foreign Capital from BRICS Nations Soars to $1.27bn in 2024, Says Shettima

Vice President Kashim Shettima has revealed that Nigeria attracted $1.27 billion in foreign capital from BRICS countries by June 2024, marking a remarkable increase from the $438.72 million secured during the same period in 2023.

Shettima, who was represented by Dr. Aliyu Modibbo, Special Adviser to the President on General Duties, made the disclosure at the 2024 China-Africa Inter-Bank Association Forum held in Abuja.

He highlighted the growing economic partnerships between Nigeria and BRICS nations, which include Brazil, Russia, India, China, South Africa, as well as new members like Iran, Egypt, Ethiopia, and the United Arab Emirates.

The Vice President stressed Nigeria’s commitment to fostering strategic alliances that contribute to its domestic growth.

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He emphasized that Nigeria’s active engagement with the BRICS countries, even as a non-member, underscores the country’s readiness to tap into global development opportunities.

“We are pleased to witness the growing influx of foreign capital from BRICS countries, which amounted to $1.27bn as of June 2024. This is a significant increase from just $438.72m during the same period in 2023,” Shettima remarked.

Shettima further highlighted the critical role that China plays in Nigeria’s economy, noting that it remains Nigeria’s largest trading partner. Total trade between the two countries amounted to N7.38 trillion in the first half of 2024.

He credited President Bola Tinubu’s diplomatic efforts for further cementing this partnership, particularly through the signing of five key Memoranda of Understanding during his official visit to China in September 2024.

“With a total trade value of N7.38tn as of June 2024, China remains Nigeria’s number one trading partner,” Shettima said.

The Vice President’s remarks reflect Nigeria’s growing global economic footprint, bolstered by strategic partnerships that aim to enhance the country’s infrastructure and financial systems.

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Also speaking at the event, Olusegun Alebiosu, CEO of First Bank Group, commended the China-Africa Inter-Bank Association for its role in fostering trade and investment ties.

He called for innovative solutions to eliminate barriers to trade between Africa and China, describing the relationship as vital for Africa’s industrialization and economic diversification.

“FirstBank is fully committed to achieving the objectives of the China-Africa Inter-Bank Association,” Alebiosu said.

Wang Weidong, Vice President of China Development Bank, also addressed the forum, highlighting the bank’s efforts in supporting infrastructure projects and small and medium-sized enterprises in Africa.