Vice President Kashim Shettima has announced that Nigeria secured $1.27 billion in foreign investments from BRICS countries by June 2024, a notable rise from $438.72 million during the same period in 2023.
The government stated that this growth demonstrates the strengthening of development partnerships and mutual trust between Nigeria and its international allies.
The BRICS bloc is made up of Brazil, Russia, India, China, and South Africa, along with recent additions Iran, Egypt, Ethiopia, and the United Arab Emirates.
The disclosure was made during the 2024 China-Africa Inter-Bank Association (CAIBA) Forum, sponsored by First Bank in Abuja Shettima, represented by Dr. Aliyu Modibbo, the Special Adviser to the President on General Duties, highlighted the growing economic ties between Nigeria and BRICS nations. He highlighted that Nigeria’s status as a partner country within the bloc reflects its commitment to building strategic partnerships that drive domestic growth.
According to Shettima, “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 highlighted China as Nigeria’s top trading partner, with bilateral trade reaching N7.38tn in the first half of 2024. He attributed this growth to President Bola Tinubu’s diplomatic efforts, which led to the signing of five important Memoranda of Understanding during Tinubu’s official visit to China in September 2024. These agreements align with the Belt and Road Initiative and aim to enhance Nigeria’s infrastructure.
First Bank Group CEO Olusegun Alebiosu at the event 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, noting that the partnership is crucial for the continent’s industrialization and economic diversification.
Alebiosu expressed the bank’s commitment to achieving the goals of the China-Africa Inter-Bank Association (CAIBA) in the shortest possible time. He also highlighted First Bank’s plan to expand its presence in China, moving beyond Beijing to key commercial hubs like Guangdong and Shanghai. He emphasized that these efforts reflect First Bank’s strategic importance on China and its business relations with Chinese companies.
Wang Weidong, the Vice President of China Development Bank, underscored the bank’s contributions to boosting China-Africa relations through infrastructure projects and support for small and medium-sized enterprises. He highlighted that these initiatives have created 270,000 jobs across 33 African countries, reinforcing the socio-economic advantages of the partnership.
