Nigeria Has Attracted $1.27bn Capital From BRICS Countries – Kashim Shettima

Nigeria’s Vice President, Kashim Shettima has come out to say that the country attracted $1.27bn in foreign capital from BRICS countries by June 2024.

He recently had his say while speaking at the 2024 China-Africa Inter-Bank Association Forum in Abuja, and Nigerians have been reacting.

According to him, $1.27bn in foreign capital represented a significant rise from the $438.72m recorded during the same period in 2023, and it highlights the growing economic ties between Nigeria and BRICS nations.

He added that Nigeria’s status as a partner country within the bloc underscores its commitment to fostering strategic partnerships for domestic growth.

His words, “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.

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.

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