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 during the same period in 2023.
The BRICS bloc, which includes Brazil, Russia, India, China, and South Africa, has expanded to include newer members such as Iran, Egypt, Ethiopia, and the United Arab Emirates.
Speaking at the 2024 China-Africa Inter-Bank Association Forum in Abuja on Wednesday, Shettima, represented by the Special Adviser to the President on General Duties, Dr. Aliyu Modibbo, emphasized the growing economic ties between Nigeria and BRICS nations.
He highlighted that Nigeria’s position as a partner country within the BRICS bloc reflects its dedication to building strategic partnerships to promote domestic growth.
Shettima said, “Nigeria has always been open to strategic alliances that support our domestic growth goals. This explains our active engagement with the BRICS nations, even as a non-member state, as seen in our participation in the BRICS Summit held in South Africa last year.
“Our commitment to these relationships was further solidified at the October 2024 BRICS Summit in Russia. We are pleased to witness the growing influx of foreign capital from BRICS countries, which amounted to $1.27bn as of June 2024, a substantial increase from just $438.72m during the same period in 2023. This reflects the deepening of our development partnerships and the mutual trust that continues to grow between us.”
The Vice President emphasized China’s role as Nigeria’s leading trading partner, with total trade between the two countries reaching ₦7.38 trillion in the first half of 2024.
He credited this achievement to President Bola Ahmed Tinubu’s diplomatic initiatives, which resulted in the signing of five significant Memoranda of Understanding during his official visit to China in September 2024.
The agreements included initiatives under the Belt and Road Initiative, focused on enhancing Nigeria’s infrastructural development.
He said, “With a total trade value of N7.38tn as of June 2024, China remains Nigeria’s number one trading partner. This underscores the importance of deepening our bilateral relationship with China, especially within the realm of financial and banking systems.
“President Bola Tinubu’s diplomatic efforts to strengthen our ties with China are clear evidence of our commitment to this strategic partnership.”
Meanwhile, the First Bank Group CEO, Olusegun Alebiosu, praised the China-Africa Inter-Bank Association for strengthening trade and investment relations.
He emphasized the importance of innovative solutions to overcome trade barriers between Africa and China, describing the partnership as crucial for the continent’s industrialization and economic diversification.
Alebiosu said, “As the host of this year’s event, FirstBank is fully committed to the achievement of this over-arching CAIBA objective within the shortest possible time frame.
“As an institution, through our dedicated Chinese desks (manned with both Chinese nationals and Mandarin-speaking personnel), we have taken concrete steps to improve our understanding of the Chinese culture, business philosophy, and the needs of the numerous Chinese firms operating across all our operating countries.
“These steps reflect the strategic importance that FirstBank has ascribed to China in particular and Chinese businesses in general.
“As we deliberate throughout today’s session, I urge all participants, especially members of CAIBA, to rededicate ourselves to the ideals and goals that the Association seeks to achieve by exploring innovative ways to reduce and eliminate existing barriers to the flow of trade and investments between Africa and China.
“I am fully convinced that with the right support from other stakeholders – government institutions, multilateral bodies, and private sector players-, the China-Africa relations can become a more powerful force for socio-economic and institutional development than it is today.”
The Vice President of China Development Bank, Wang Weidong emphasized the bank’s contributions to improving China-Africa relations through infrastructure projects and support for small and medium-sized enterprises. He pointed out that these initiatives have generated 270,000 jobs across 33 African countries, highlighting the socio-economic advantages of the partnership.
