Nigeria’s foreign capital inflows from BRICS nations have experienced a significant surge, reaching $1.27 billion by June 2024. This marks a dramatic increase from $438.72 million during the same period in 2023, reflecting the country’s growing economic engagement with the bloc of emerging markets.
Vice President Kashim Shettima, speaking at the 2024 China-Africa Inter-Bank Association Forum, lauded the strengthening of economic ties between Nigeria and BRICS countries. Shettima, who was represented by Aliyu Modibbo, the Special Adviser to the President on General Duties, emphasized that the inflow of capital was a direct result of Nigeria’s strategic efforts to enhance its economic partnerships within the BRICS framework.
The BRICS bloc – consisting of Brazil, Russia, India, China, and South Africa – has increasingly become a key pillar in Nigeria’s efforts to boost its economic growth through collaborative investments and trade. The group has been advocating for a more equitable global governance system and promoting development through initiatives such as the New Development Bank, which is aimed at providing financing for infrastructure projects and fostering long-term economic stability.
Shettima highlighted the positive economic trajectory, noting that trade between Nigeria and BRICS nations reached NGN 7.38 trillion as of June 2024. He also reiterated China’s vital role as Nigeria’s leading trading partner, underscoring the critical importance of Nigeria-China relations in advancing the country’s economic interests, particularly in sectors like energy, infrastructure, and technology.
The Vice President specifically pointed to President Bola Tinubu’s commitment to deepening ties with China, which was further solidified during his official visit to China in September 2024. The visit culminated in the signing of five significant memoranda of understanding (MOUs), which include key initiatives under China’s Belt and Road Initiative. These agreements are expected to bolster Nigeria’s infrastructure development and expand bilateral trade opportunities, particularly in the fields of energy, transportation, and telecommunications.
Shettima also noted that the Tinubu administration’s economic strategy is focused on trade expansion, industrialization, and economic diversification—key elements aimed at ensuring Nigeria’s long-term growth and stability in an increasingly globalized economy.
Wang Weidong, Vice President of China Development Bank, who was also present at the forum, outlined the bank’s significant contributions to Africa’s development. With investments spanning 33 countries, the China Development Bank has been instrumental in creating over 270,000 jobs across the continent. Wang highlighted the success of a Swiss-led economic zone, which has attracted over 140 companies, generating $3.7 billion in sales and creating nearly 3,000 direct jobs.
Olusegun Alebiosu, CEO of First Bank Group, emphasized the vital role Chinese companies are playing in driving Africa’s economic development. Alebiosu called for enhanced financial ties to support the continent’s socio-economic transformation and underscored the importance of strengthening China-Africa relations. He also detailed First Bank’s plans to deepen its engagement with Chinese businesses in Africa, including the expansion of Chinese Desks to cater to the growing business presence on the continent. Additionally, First Bank is exploring plans to expand its operations in China’s key commercial hubs, such as Guangdong and Shanghai, to better serve Chinese companies operating across Africa.