The Chairman of the Nigeria's Economic Council and the Vice President, Senator Kashim Shettima has disclosed that Nigeria recently attracted $1.27bn in foreign capital from BRICS countries by June 2024, marking a significant rise from the $438.72m recorded during the same period in 2023.
The BRICS bloc comprises Brazil, Russia, India, China, and South Africa, alongside newer members including 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, highlighted the growing economic ties between Nigeria and BRICS nations.
He noted that Nigeria’s status as a partner country within the bloc underscores its commitment to fostering strategic partnerships for 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 emphasised China’s position as Nigeria’s leading trading partner, with total trade between the two countries amounting to N7.38tn in the first half of 2024.
He attributed this to President Bola Ahmed Tinubu’s diplomatic efforts, which culminated in the signing of five key Memoranda of Understanding during Tinubu’s official visit to China in September 2024.
These agreements included initiatives aligned with the Belt and Road Initiative, aimed at bolstering 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.”
Also speaking at the event, First Bank Group CEO, Olusegun Alebiosu lauded the China-Africa Inter-Bank Association for fostering trade and investment ties.
He stressed the need for innovative solutions to eliminate barriers to trade between Africa and China, describing the partnership as pivotal for industrialisation and economic diversification on the continent.
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.
“At FirstBank, we are also poised to double down on our coverage of the Chinese market through expansion of our business presence beyond Beijing to other important commercial centers in China, including Guangdong and Shanghai.
“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, highlighted the bank’s contributions to enhancing China-Africa relations through infrastructure projects and support for small and medium-sized enterprises.According to him, these initiatives have created 270,000 jobs across 33 African countries, reinforcing the socio-economic benefits of the partnership.
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