The vice president added that Nigeria attracted $1.27billion in foreign capital from BRICS nations by June 2024, an increase compared to $438.72 million in the same period last year.
Vice President, Kashim Shettima has revealed that the volume of trade between China and Nigeria is now valued at N7.38trillion, making the Asian giant Nigeria’s leading trading partner.
The vice president added that Nigeria attracted $1.27billion in foreign capital from BRICS nations by June 2024, an increase compared to $438.72 million in the same period last year.
Speaking at the 2024 China-Africa Inter-Bank Association Forum in Abuja on Wednesday, Shettima, represented by Dr. Aliyu Modibbo, the Special Adviser to the President on General Duties, highlighted the strengthening economic ties between Nigeria and BRICS nations, which include Brazil, Russia, India, China, South Africa, and new members such as Iran, Egypt, Ethiopia, and the United Arab Emirates.
Shettima emphasised Nigeria’s position as a key partner in the BRICS bloc, noting that this partnership aligns with the country’s strategy to foster investments and drive domestic growth.
He added that the inflow underscores the confidence of BRICS economies in Nigeria’s economic potential and its commitment to global collaboration.
Vice President Kashim Shettima explained Nigeria’s commitment to fostering strategic alliances that drive domestic growth, citing the country’s proactive engagement with BRICS nations.
He highlighted Nigeria's participation in the BRICS Summit in South Africa last year and the October 2024 Summit in Russia as evidence of this commitment.
“Our growing collaboration with BRICS countries is yielding results, with foreign capital inflows from these nations reaching $1.27 billion by June 2024, a significant rise from $438.72 million during the same period in 2023,” Shettima said.
“This demonstrates the strengthening of our development partnerships and mutual trust.”
Shettima also explained the importance of Nigeria’s bilateral relationship with China, noting that total trade between the two nations amounted to N7.38 trillion in the first half of 2024.
He attributed the growth to President Bola Tinubu’s diplomatic efforts, which included the signing of five key Memoranda of Understanding during Tinubu’s visit to China in September 2024.
Shettima said that the agreements, aligned with China’s Belt and Road Initiative, aim to advance Nigeria’s infrastructure development.