Nigeria’s Foreign Capital from BRICS Nations Hits $1.27 Billion in 2024
Vice-President Kashim Shettima announced that Nigeria’s foreign capital inflow from BRICS nations had reached $1.27 billion as of June 2024, marking a significant increase from the $438 million recorded during the same period in 2023. BRICS is an intergovernmental organization comprising nine countries: Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates (UAE).
He made the statement at the 2024 China-Africa Interbank Association Forum in Abuja, highlighting the importance of fostering strategic partnerships to boost trade and commerce.
Shettima attributed the rise in foreign capital to the growing trust and deepening development partnerships between Nigeria and BRICS countries. He also praised President Bola Tinubu’s diplomatic efforts, which included the signing of five key memoranda of understanding (MoUs) during his official visit to China in September 2024.
Shettima emphasized Nigeria’s active engagement with the BRICS nations, even as a non-member, noting its participation in the BRICS Summit in South Africa and its continued commitment to strengthening these relationships.
Shettima attributed the rise in foreign capital to the growing trust and deepening development partnerships between Nigeria and BRICS countries. He also praised President Bola Tinubu’s diplomatic efforts, which included the signing of five key memoranda of understanding (MoUs) during his official visit to China in September 2024. These agreements are part of broader initiatives, including those related to China’s Belt and Road Initiative, which aims to enhance Nigeria’s growth prospects.
China continues to be Nigeria’s top trading partner, with bilateral trade reaching N7.38 trillion in the first half of 2024. Shettima reiterated the importance of strengthening ties with China, particularly in the financial and banking sectors. He noted that these trade relationships are vital for supporting Nigeria’s economic development and ensuring long-term growth. The vice president praised President Tinubu’s diplomatic outreach, which has been pivotal in expanding Nigeria’s economic and trade relations with China.
Shettima also revealed that the trade volume between Nigeria and China reached $22.6 billion in 2023, one of the highest in Africa, underscoring the significance of their growing bilateral relations. He expressed Nigeria’s commitment to collaborating with partners who support its development goals and are willing to engage in transparent and systematic growth strategies.
