Vice President Kashim Shettima of Nigeria announced a substantial increase in foreign investments from BRICS countries, highlighting that Nigeria attracted $1.27 billion in foreign capital by June 2024, significantly up from $438.72 million in the same timeframe in 2023. Speaking at the 2024 China-Africa Inter-Bank Association Forum in Abuja, Shettima’s remarks, conveyed by Dr. Aliyu Modibbo, the Special Adviser to the President on General Duties, emphasized Nigeria’s proactive approach to building strategic economic relationships, especially with countries in the BRICS bloc, which includes Brazil, Russia, India, China, South Africa, and newer members such as Iran and the United Arab Emirates. The Vice President emphasized Nigeria’s commitment to fostering partnerships that support its domestic growth objectives, despite Nigeria’s status as a non-member of BRICS.
Shettima pointed to Nigeria’s participation in the recent BRICS Summits and expressed satisfaction with the increasing flow of foreign capital and mutual trust established with these nations. The Vice President noted that the growing economic interchange not only reflects enhanced partnerships but also showcases Nigeria’s interest in strategic collaborations that promise development. He mentioned that the engagement with BRICS nations would further contribute to sustainable growth within Nigeria, linking it to a broader vision for diversified economic development that encompasses beneficial external partnerships.
Additionally, Shettima highlighted China’s pivotal role in Nigeria’s economic landscape, declaring it as Nigeria’s foremost trading partner, with total trade valued at N7.38 trillion in the first half of 2024. This trading relationship has been bolstered by President Bola Ahmed Tinubu’s diplomatic efforts, particularly his recent official visit to China where key agreements were signed, aligning with initiatives such as the Belt and Road Initiative aimed at Nigeria’s infrastructural growth. By fostering deeper bilateral ties with China, Nigeria is taking significant steps toward enhancing its financial frameworks and banking systems, as articulated by Shettima, which reflects a broader strategy to access resources necessary for domestic development.
During the forum, First Bank Group CEO, Olusegun Alebiosu, acknowledged the essential role of the China-Africa Inter-Bank Association in promoting trade and investment across the two regions. Alebiosu stressed the importance of innovating solutions to overcome trade barriers and emphasized that such partnerships are critical for the industrialization and diversification of African economies. His remarks echoed the overarching goal of the CAIBA, which aims to enhance cooperative relations through the facilitation of trade and investment, particularly focusing on mutual interests between Africa and China.
Alebiosu underlined First Bank’s commitment to fostering better relationships with Chinese businesses through initiatives such as establishing dedicated Chinese desks. These desks, staffed by both Mandarin-speaking personnel and Chinese nationals, reflect a strategic move to enhance understanding of the Chinese market and its unique requirements. The bank’s plans to extend its presence in key commercial cities in China are indicative of its intent to deepen engagements with this major trading partner and leverage scalable opportunities that arise from the growing economic ties between Nigeria and China.
Wang Weidong, Vice President of the China Development Bank, also contributed to the discussions, highlighting the bank’s essential role in strengthening China-Africa relations. He pointed out that Chinese infrastructure projects and support for small and medium-sized enterprises have significantly contributed to the job market, creating approximately 270,000 jobs across 33 African countries. This speaks to the socio-economic benefits derived from collaborative efforts, emphasizing that such partnerships are instrumental in fostering developmental objectives across the African continent. The overall discourse at the forum underscores a shared commitment among participants to explore avenues for enhancing cooperation for mutual growth and development.
