Vice President Kashim Shettima recently shared some exciting news about Nigeria’s economic growth, revealing that the country attracted $1.27 billion in investments from BRICS nations by June 2024. This is a significant increase compared to the $438.72 million that Nigeria received during the same time last year, in 2023.
BRICS is a group of countries that includes Brazil, Russia, India, China, and South Africa, and has recently expanded to include newer members like Iran, Egypt, Ethiopia, and the United Arab Emirates.
Shettima spoke at the 2024 China-Africa Inter-Bank Association Forum in Abuja, Nigeria’s capital, where he was represented by Dr. Aliyu Modibbo, who is the Special Adviser to the President on General Duties. During his speech, Shettima emphasized how Nigeria is strengthening its economic relationships with these BRICS countries. He pointed out that Nigeria is actively working with these nations, even though it is not a formal member of the BRICS group. This involvement was highlighted by Nigeria’s participation in the BRICS Summit held in South Africa last year and again in Russia in October 2024.
He expressed optimism about the growing investment from BRICS countries, noting that the increase to $1.27 billion reflects a deeper partnership and trust between Nigeria and these nations.
Shettima also highlighted that China is Nigeria’s top trading partner, with trade between the two countries reaching a staggering 7.38 trillion Naira (about $9.5 billion) in the first half of 2024. This strong trading relationship has been bolstered by the diplomatic efforts of Nigeria’s President Bola Ahmed Tinubu, who signed five important agreements during his visit to China in September 2024. These agreements are part of the Belt and Road Initiative, which aims to improve infrastructure in Nigeria.
The Vice President stated, “With China being our number one trading partner, it’s crucial that we continue to strengthen our relationship, especially in finance and banking.”
At the forum, Olusegun Alebiosu, the CEO of First Bank Group, praised the China-Africa Inter-Bank Association for its role in promoting trade and investment between Africa and China. He stressed the importance of finding innovative solutions to overcome obstacles that hinder trade between the two regions. Alebiosu emphasized that this partnership is essential for Africa’s industrial growth and economic diversification.
He mentioned that FirstBank is committed to supporting these goals and is enhancing its understanding of Chinese business culture and practices. The bank plans to expand its presence in China beyond just Beijing to other major cities like Guangdong and Shanghai, reflecting its dedication to fostering business relations with Chinese firms.
Alebiosu encouraged all attendees to work together to eliminate barriers to trade and investment, believing that with the right support from various stakeholders, the relationship between Africa and China can significantly contribute to economic development.
Wang Weidong, the Vice President of China Development Bank, also spoke at the forum, highlighting the bank’s role in improving China-Africa relations through infrastructure projects and support for small and medium-sized businesses. He noted that these initiatives have created approximately 270,000 jobs across 33 African countries, showcasing the positive impact of this partnership on the continent’s socio-economic landscape.
