Vice President Kashim Shettima shared that, by June 2024, Nigeria attracted $1.27 billion in foreign investment from BRICS nations, which is a significant jump from $438.72 million in the same time frame last year.
He made this announcement during the 2024 China-Africa Inter-Bank Association Forum on Wednesday, November 27, 2024, in Abuja. The BRICS group, which includes Brazil, Russia, India, China, South Africa, and new members like Iran, Egypt, Ethiopia, and the UAE, has become an important ally for Nigeria's economic development.
At the forum, Shettima, who was represented by Dr. Aliyu Modibbo, the Special Adviser to the President on General Duties, spoke about the rising importance of BRICS countries for Nigeria. He mentioned that even though Nigeria isn't a BRICS member, it is actively working with these nations to build partnerships that support its own growth.
He said, "Our involvement in BRICS activities, like the October 2024 Summit in Russia, has helped us strengthen our development partnerships. The $1.27 billion in investment shows the trust and cooperation between Nigeria and BRICS countries. These partnerships reflect our dedication to achieving sustainable growth through strong alliances."
He also highlighted how crucial China is as Nigeria's largest trading partner. In the first half of 2024, trade between the two nations hit ₦7.38 trillion. This growing bond has been supported by President Bola Ahmed Tinubu’s diplomatic efforts, especially his visit to China in September 2024, where five significant agreements were signed focusing on infrastructure development, technology transfer, and projects connected to China’s Belt and Road Initiative.
Olusegun Alebiosu, CEO of First Bank Group, praised the forum for building stronger links between Africa and China. He emphasized the need for creative solutions to tackle trade challenges and encouraged attendees to find ways to make trade and investment flow more smoothly between the regions. Alebiosu confirmed FirstBank's commitment to improving services for Chinese businesses in Africa, which includes setting up dedicated Chinese desks and expanding in major Chinese cities.
Wang Weidong, Vice President of China Development Bank, spoke at the event too. He shared how the bank's contributions to Africa’s development, like its support for infrastructure and small and medium-sized enterprises, have generated over 270,000 jobs across 33 African countries. He noted the social and economic benefits of the relationship between China and Africa.
The forum wrapped up with Shettima urging for deeper cooperation and new ideas to strengthen Nigeria’s ties with BRICS nations. He stressed how important these partnerships are for Nigeria to make its mark in the global economy.
By nurturing these connections, Nigeria aims to draw in even more investments and utilize its strategic partnerships for ongoing development and growth.
