Vice President Kashim Shettima recently announced that Nigeria has successfully attracted $1.27 billion in foreign investment from BRICS countries as of June 2024. This marks a remarkable increase from the $438.72 million recorded during the same period in 2023. The BRICS bloc includes not only the original members—Brazil, Russia, India, China, and South Africa—but also newer members such as Iran, Egypt, Ethiopia, and the United Arab Emirates. Shettima’s remarks were made during the 2024 China-Africa Inter-Bank Association Forum held in Abuja, where he was represented by Dr. Aliyu Modibbo, the Special Adviser to the President on General Duties. The Vice President emphasized Nigeria’s growing economic partnerships with BRICS nations and reaffirmed the country’s commitment to cultivating strategic alliances for domestic growth, despite not being a full member of BRICS.
Shettima emphasized Nigeria’s proactive approach toward international cooperation, citing the country’s participation in last year’s BRICS Summit in South Africa as an example of its engagement. He noted that Nigeria’s status as a partner country in the bloc reflects the mutual trust and deepening partnerships that come with increased foreign investment. The Vice President also mentioned the broader benefits of these relationships, particularly the ongoing influx of foreign capital which has significantly increased. He conveyed optimism about the future of Nigeria’s economic relationships with BRICS countries and expressed gratitude for the collaborative paths being forged through these partnerships.
A key highlight of Shettima’s address was Nigeria’s relationship with China, which he identified as the country’s largest trading partner. In the first half of 2024, total trade between Nigeria and China reached an impressive sum of N7.38 trillion. This strengthening bilateral relationship is largely attributed to the comprehensive diplomatic efforts made by President Bola Tinubu, who signed five important Memoranda of Understanding during his official visit to China in September 2024. These agreements focus on areas aligned with China’s Belt and Road Initiative, aiming to support and enhance Nigeria’s infrastructural development significantly. Shettima reiterated the importance of this bilateral relationship, especially concerning financial and banking systems that can bolster economic growth in Nigeria.
Another significant speaker at the forum was Olusegun Alebiosu, the CEO of First Bank Group. He praised the China-Africa Inter-Bank Association for playing an essential role in building trade and investment links between Africa and China. Alebiosu underscored the necessity of developing innovative solutions to overcome barriers faced in trade between the two regions. He emphasized that the partnership holds great potential for accelerating industrialisation and diversifying economies across Africa. Alebiosu shared FirstBank’s commitment to expanding its engagement with Chinese businesses, which included establishing dedicated Chinese Desks composed of Mandarin-speaking staff to enhance understanding of Chinese culture and business practices.
Alebiosu further indicated that the bank is planning to broaden its presence in China by extending its operations beyond Beijing to other significant commercial hubs like Guangdong and Shanghai. He urged participants of the China-Africa Inter-Bank Association to remain committed to the organization’s ideals while looking for innovative methods to eliminate trade barriers. He expressed confidence that, with appropriate support from various stakeholders—including government institutions, multilateral organizations, and private sector entities—the relationship between China and Africa could evolve into a formidable driver of socio-economic growth and institutional development.
Lastly, the Vice President of the China Development Bank, Wang Weidong, emphasized the bank’s essential role in enhancing China-Africa relations through investments in infrastructural projects and support for small and medium-sized enterprises across the continent. He highlighted that such initiatives have resulted in the creation of approximately 270,000 jobs in 33 African countries, reflecting the significant socio-economic benefits deriving from this partnership. Weidong’s remarks underscored the importance of continued collaboration between China and Africa, showcasing the tangible impacts and opportunities available through infrastructure development and investment in regional enterprises. Overall, the discussions at the forum underscored the mutual benefits and potential of the cooperative relationships formed between Nigeria, BRICS nations, and partners in the broader African continent.
