By Milcah Tanimu
Vice President Kashim Shettima announced that Nigeria’s foreign capital inflow from BRICS nations rose to $1.27 billion by June 2024, marking a sharp increase from $438 million in the same period last year.
Speaking at the 2024 China-Africa Inter-Bank Association Forum in Abuja, Shettima, represented by Aliyu Modibbo, highlighted the growing financial ties between Nigeria and BRICS nations, despite Nigeria being a non-member. The increase in capital inflow underscores the success of President Bola Tinubu’s diplomatic efforts, including signing five key MoUs during his official visit to China in September 2024.
Shettima noted that China remains Nigeria’s top trading partner, with bilateral trade reaching N7.38 trillion in the first half of 2024. Additionally, he emphasized the importance of strategic alliances to support Nigeria’s domestic growth and development goals, particularly through financial and commercial collaborations with BRICS members.
The vice president also revealed that the trade volume between Nigeria and China grew to $22.6 billion in 2023, one of the highest in Africa. This reflects Nigeria’s commitment to strengthening alliances that foster economic growth.
