Vice President Kashim Shettima has revealed that Nigeria received $1.27 billion in foreign capital from BRICS nations by June 2024, a significant increase compared to $438.72 million during the same period in 2023. The BRICS bloc includes Brazil, Russia, India, China, and South Africa, along with new members such as Iran, Egypt, Ethiopia, and the United Arab Emirates.
Speaking at the 2024 China-Africa Inter-Bank Association Forum in Abuja, Shettima, represented by Dr. Aliyu Modibbo, Special Adviser to the President on General Duties, emphasized Nigeria’s strengthening economic relationships with BRICS countries. He noted Nigeria’s commitment to leveraging these partnerships for national development, even as a non-member of the bloc.
“Nigeria’s strategic alliances with BRICS nations are aimed at driving domestic growth,” Shettima stated. “This commitment was evident in our participation at the 2023 BRICS Summit in South Africa and reinforced at the October 2024 summit in Russia. The $1.27 billion capital inflow as of mid-2024 reflects the growing trust and collaboration between Nigeria and BRICS countries.”
Shettima also highlighted China’s pivotal role as Nigeria’s top trading partner, with bilateral trade totaling N7.38 trillion in the first half of 2024. This growth, he attributed, to President Bola Ahmed Tinubu’s proactive diplomacy, including the signing of five Memoranda of Understanding during Tinubu’s official visit to China in September 2024. These agreements align with China’s Belt and Road Initiative, focusing on boosting Nigeria’s infrastructure development.
“China’s role as our leading trading partner is evidenced by the N7.38 trillion trade volume in H1 2024,” Shettima said. “President Tinubu’s strategic efforts have deepened this partnership, particularly in the financial and banking sectors.”
First Bank and CAIBA Strengthen Africa-China Ties
Olusegun Alebiosu, Group CEO of First Bank, lauded the China-Africa Inter-Bank Association (CAIBA) for fostering robust trade and investment ties. He called for innovative strategies to remove barriers to trade between Africa and China, describing the partnership as crucial for the continent’s industrialization and diversification.
“As hosts of this year’s forum, FirstBank is dedicated to advancing CAIBA’s goals,” Alebiosu said. “Through our specialized Chinese desks, staffed with Mandarin-speaking personnel, we’ve enhanced our engagement with Chinese culture and business operations, extending our presence to key commercial hubs in China.”
He urged CAIBA members and stakeholders to explore new solutions to improve trade and investment flows between Africa and China, emphasizing the transformative potential of this relationship for socio-economic development.
China Development Bank’s Contributions
Wang Weidong, Vice President of China Development Bank, highlighted the bank’s impact on China-Africa relations. He noted that its infrastructure projects and support for small and medium-sized enterprises have created 270,000 jobs across 33 African countries, showcasing the tangible benefits of the partnership.
This collaboration, marked by increasing investments and strategic agreements, underscores Nigeria’s growing role in fostering global economic alliances.
Discover more from LN247
Subscribe to get the latest posts sent to your email.
