Vice President Kashim Shettima announced that Nigeria has attracted $1.27 billion in foreign capital from BRICS countries as of June 2024, marking a significant increase from the $438.72 million 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. Shettima highlighted the growing economic ties between Nigeria and BRICS nations, noting that Nigeria’s status as a partner country within the bloc underscores its commitment to fostering strategic partnerships for domestic growth.
Shettima emphasized China’s position as Nigeria’s leading trading partner, with total trade between the two countries amounting to N7.38 trillion 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.
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 industrialization and economic diversification on the continent.
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. These initiatives have created 270,000 jobs across 33 African countries, reinforcing the socio-economic benefits of the partnership.
