Nigeria has seen a significant boost in capital inflow from BRICS nations, rising from $438.72 million in June 2023 to $1.27 billion by June 2024. The announcement was made by Vice President Kashim Shettima at the 2024 China-Africa Inter-Bank Association’s Forum held in Abuja on Wednesday.
“Nigeria remains committed to forming strategic alliances that align with our development objectives,” Shettima said. He highlighted the country’s proactive engagement with BRICS nations, even as a non-member, referencing Nigeria’s participation in the 2023 BRICS Summit in South Africa.
Shettima also announced five new agreements with China, including projects under the Belt and Road Initiative, which are expected to advance Nigeria’s infrastructure and deepen its economic ties with China, its key trading partner.
At the forum, representatives from the First Bank of Nigeria and the China Development Bank emphasized their role in fostering stronger economic links between China and Africa, focusing on trade growth and job creation across the continent.
Currently, South Africa, Ethiopia, and Egypt are the only African countries in BRICS, but other nations, including Nigeria, Algeria, and Uganda, maintain partnerships with the group. Earlier this year, Nigeria reiterated its interest in formally joining BRICS, signaling plans to submit an application.
This development reflects Nigeria’s growing engagement with global economic coalitions to drive its domestic growth agenda.
