Shettima: Nigeria’s foreign capital from BRICS nations hit $1.27bn in June 2024

Vice-President Kashim Shettima says Nigeria’s foreign capital from BRICS nations was $1.27 billion as at June 2024.

BRICS is an intergovernmental organisation comprising nine countries: Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates (UAE).

Speaking on Wednesday at the 2024 China-Africa inter-bank association forum in Abuja, Shettima said the half-year foreign capital inflow marked a significant increase from the $438 million recorded in the same period last year.

The vice-president, represented by Aliyu Modibbo, his special adviser on general duties, emphasised the need for collaboration to boost trade and foster commerce.

“Nigeria has always been open to strategic alliances that support our domestic growth goals,” Shettima said.

“This explains our active engagement with the BRICS nations, even as a non-member state, as seen in our participation in the BRICS Summit held in South Africa last year.

“Our commitment to these relationships was further solidified at the October 2024 BRICS Summit in Russia.

“We are pleased to witness the growing influx of foreign capital from BRICS countries, which amounted to $1.27 billion as of June 2024, a substantial increase from just $438 million during the same period in 2023.

“This reflects the deepening of our development partnerships and the mutual trust that continues to grow between us.”

Shettima said China remains Nigeria’s top trading partner, with total trade between the two nations reaching N7.38 trillion in the first six months of 2024.

The politician attributed the capital inflows to President Bola Tinubu’s diplomatic efforts, which led to the signing of five significant memoranda of understanding (MoUs) during his official visit to China in September 2024.

According to the vice-president, the agreements marked a significant step in the coutries’ partnership, incorporating initiatives connected to the belt and road initiative in Nigeria.

“With a total trade value of N7.38 trillion as of June 2024, China remains Nigeria’s number one trading partner. This underscores the importance of deepening our bilateral relationship with China, especially within the realm of financial and banking systems,” Shettima said.

“President Bola Tinubu’s diplomatic efforts to strengthen our ties with China are clear evidence of our commitment to this strategic partnership.”

Shettima said Nigeria remains committed to its alliance with those who have its best interests at heart and are willing to support the country’s growth and development transparently and systematically.

On November 27, Shettima said the trade volume between Nigeria and China grew to $22.6 billion in 2023, “one of the highest in Africa”.