Vice President Kashim Shettima has revealed that Nigeria secured $1.27bn in foreign capital from BRICS countries by June 2024, a significant increase from the $438.72m recorded during the same period in 2023.

The BRICS bloc consists of Brazil, Russia, India, China, and South Africa, along with newer members Iran, Egypt, Ethiopia, and the United Arab Emirates.

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, stressed the growing economic ties between Nigeria and BRICS nations.

He noted Nigeria’s role as a partner country within the bloc, which highlights the country’s commitment to fostering strategic alliances for national development.

He stated, “Nigeria has always been open to strategic alliances that support our domestic growth goals. 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 $1.27bn as of June 2024, a substantial increase from just $438.72m during the same period in 2023. This reflects the deepening of our development partnerships and the mutual trust that continues to grow between us.”

The Vice President also stressed China’s role as Nigeria’s leading trading partner, with total trade between the two nations reaching N7.38tn in the first half of 2024.

He credited President Bola Tinubu’s diplomatic efforts, which resulted in the signing of five key Memoranda of Understanding during Tinubu’s official visit to China in September 2024. These agreements are aligned with the Belt and Road Initiative and focus on strengthening Nigeria’s infrastructure.

He said, “With a total trade value of N7.38tn 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.

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

At the event, First Bank Group CEO Olusegun Alebiosu praised the China-Africa Inter-Bank Association for promoting trade and investment ties.

He stressed the importance of innovative solutions to remove trade barriers between Africa and China, calling the partnership vital for the continent’s industrialisation and economic diversification.

Alebiosu stated, “As the host of this year’s event, FirstBank is fully committed to the achievement of this over-arching CAIBA objective within the shortest possible time frame.

“As an institution, through our dedicated Chinese Desks (manned with both Chinese nationals and Mandarin-speaking personnel), we have taken concrete steps to improve our understanding of the Chinese culture, business philosophy, and the needs of the numerous Chinese firms operating across all our operating countries.”

Wang Weidong, Vice President of China Development Bank, also spoke at the forum, underscoring the bank’s efforts to enhance China-Africa relations through infrastructure projects and support for small and medium-sized enterprises.

According to Wang, these initiatives have created 270,000 jobs across 33 African countries, highlighting the socio-economic benefits of the China-Africa partnership.