By Kolawole Ojebisi
Vice President Kashim Shettima has disclosed how joining BRICS as a partner country has fetched Nigeria $1.27bn in foreign capital from constituent members forming the international organization by June 2024.
He noted that this development marks a significant rise from the $438.72m recorded during the same period in 2023.
The BRICS bloc comprises Brazil, Russia, India, China, and South Africa, alongside newer members including Iran, Egypt, Ethiopia, and the United Arab Emirates.
Shettima made this revelation while speaking at the 2024 China-Africa Inter-Bank Association Forum in Abuja on Wednesday.
The Vice-President, who was represented by the Special Adviser to the President on General Duties, Dr Aliyu Modibbo, highlighted the growing economic ties between Nigeria and BRICS nations.
He noted that Nigeria’s status as a partner country within the bloc underscores its commitment to fostering strategic partnerships for domestic growth.
Shettima said, “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 emphasised China’s position as Nigeria’s leading trading partner, with total trade between the two countries amounting to N7.38tn in the first half of 2024.
He attributed this to President Bola Ahmed Tinubu’s diplomatic efforts, which culminated in the signing of five key Memoranda of Understanding during Tinubu’s official visit to China in September 2024.
These agreements included initiatives aligned with the Belt and Road Initiative, aimed at bolstering Nigeria’s infrastructural development.
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.
“President Bola Tinubu’s diplomatic efforts to strengthen our ties with China are clear evidence of our commitment to this strategic partnership.”
Also speaking at the event, First Bank Group CEO, Olusegun Alebiosu lauded the China-Africa Inter-Bank Association for fostering trade and investment ties.
The Vice President of China Development Bank, Wang Weidong, highlighted the bank’s contributions to enhancing China-Africa relations through infrastructure projects and support for small and medium-sized enterprises.According to him, these initiatives have created 270,000 jobs across 33 African countries, reinforcing the socio-economic benefits of the partnership.
BRICS officially expanded its alliance, adding 13 new nations as partner countries, though not as full members in October 25, 2024.
The announcement was made during the BRICS summit held in Kazan, Russia, from October 22 to 24, 2024.
The countries are Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam.
With the announcement, Nigeria officially joins the BRICS as a partner country
