Nigeria records $1.27b foreign capital inflow from BRICS countries

Nigeria recorded about $1.27 billion capital inflow from the BRICS bloc in the first half of the year, Vice President Kashim Shettima has said. The Vice President, who disclosed this at the inaugural China-Africa Inter Bank Association (CAIBA) forum in Abuja, noted that the inflow reflects the deepening of development partnerships and the mutual trust that continues to grow between Nigeria and other countries.

The bloc comprises Brazil, Russia, India, China and South Africa. The Vice President who was represented by his Special Adviser on Special Duties, Dr Aliyu Moddibo, said the $1.27 billion is a substantial increase from just $438.72 million during the same period in 2023.

He stressed that the government remains committed to its alliances with those who have Nigeria’s best interest at heart and are willing to support its growth and development transparently and systematically.

Speaking on the theme of the meeting, ‘Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialisation, and Economic Diversification’, the Vice President lauded First Bank of Nigeria Limited for leading the charge in fostering stronger banking and financial collaborations between African banks and the China Development Bank.

On his part, the Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, said the bank is elated to spearhead a collaboration between China and African financial institutions. He noted that the forum reinforces First Bank’s commitment to bridging the gap between Africa and China, catalysing economic growth and development.

“The selection of FirstBank as the host is a testament to our rich legacy, deep expertise in African markets, and an impressive 130-year history of empowering businesses and communities to thrive. We are proud to support the continent’s economic transformation and growth and remain dedicated to exploring the partnership opportunities this forum will bring for the mutual benefit of China and Africa,” he stated.

Vice President of the China Development Bank (CDB), Wang Weidong, said the Chinese experience in cooperation with Africa shows that there is a bright future and enormous potential for Chinese and African financial institutions to advance organisation.

He stated that China would continue to support Africa to open up a global debt chain, adding: “We will continue to utilise a special loan from African SMEs to enhance knowledge sharing and technology transport to promote Africa’s industrialization and economic diversification. The bank will support African countries to industrialise in a green and responsible way, develop and renew our land and achieve inclusive, predictable, and sustainable growth and transition to prosperous financial innovation.

“CDB will use various ways, including significant loans, on-demand equity investments, and tripartite cooperation to support Africa’s industrialisation. We encourage more use of cryptocurrencies in trade between African countries and China.”

Weidong said the CDB will support Africa to open up a global debt chain, adding: “We will continue to utilise a special loan from African SMEs to enhance knowledge sharing and technology transport to promote Africa’s industrialisation and economic diversification.”