Nigeria’s economic ties with BRICS nations—Brazil, Russia, India, China, and South Africa have yielded $1.27 billion in foreign capital inflows by June 2024, a sharp rise from $438.72 million in the same period in 2023.
China remains Nigeria’s largest trading partner, with bilateral trade reaching N7.38 trillion in the first half of 2024. This growth stems from President Bola Ahmed Tinubu’s diplomatic engagements, including the signing of five infrastructure-focused agreements during his September 2024 visit to China under the Belt and Road Initiative.
Olusegun Alebiosu, CEO of First Bank Group, commended the China-Africa Inter-Bank Association for fostering trade and investment, emphasizing its role in driving Africa’s industrialization and economic diversification.
These developments underscore Nigeria’s efforts to boost its economy through global partnerships and strategic collaborations.
Speaking at the 2024 China-Africa Inter-Bank Association Forum in Abuja, Vice President Kashim Shettima, represented by Special Adviser Aliyu Modibbo, highlighted the strategic importance of Nigeria’s growing partnerships with BRICS countries. Despite not being a member, he affirmed that these alliances are pivotal for domestic economic growth.
“Nigeria actively engages with BRICS nations to strengthen our economy,” Shettima stated, referencing the country’s participation in recent BRICS Summits in South Africa and Russia. He noted that the surge in foreign investments reflects mutual trust and a commitment to development.
