- VP Shettima Highlights BRICS Investment Surge and Strategic Partnerships
- China-Nigeria Trade Hits N7.38tn in First Half of 2024
- FirstBank Advocates Stronger China-Africa Banking and Trade Links
Nigeria’s Foreign Investments from BRICS See Major Growth
Nigeria has secured $1.27 billion in foreign capital inflows from BRICS nations as of June 2024, reflecting a significant rise compared to $438.72 million during the same period in 2023.
Speaking at the 2024 China-Africa Inter-Bank Association Forum in Abuja, Vice President Kashim Shettima, represented by Dr. Aliyu Modibbo, stated that this increase underscores the deepening economic ties between Nigeria and the BRICS bloc, which includes Brazil, Russia, India, China, and South Africa, as well as newer members Iran, Egypt, Ethiopia, and the UAE.
“Our active engagement with BRICS nations, even as a non-member, demonstrates our commitment to fostering alliances that support Nigeria’s domestic growth goals,” Shettima said.
China-Nigeria Trade Strengthens Under Tinubu’s Diplomacy
Shettima highlighted China as Nigeria’s largest trading partner, with total trade between the two nations amounting to N7.38 trillion in the first half of 2024. He attributed this milestone to President Bola Tinubu’s diplomatic efforts, including the signing of five key Memoranda of Understanding during his official visit to China in September 2024.
The agreements, aligned with China’s Belt and Road Initiative, aim to bolster Nigeria’s infrastructure and financial systems.
“President Tinubu’s leadership in fostering bilateral agreements with China reflects our commitment to strategic partnerships that benefit our economy,” Shettima noted.
FirstBank and CAIBA Push for Trade Innovation
At the event, FirstBank Group CEO Olusegun Alebiosu called for innovative measures to eliminate trade barriers between Africa and China, emphasizing the partnership’s importance for economic diversification.
“We are committed to expanding our footprint in China and enhancing services for Chinese businesses operating in Africa,” Alebiosu said.
He added that FirstBank is scaling its operations in major Chinese commercial hubs, including Beijing, Guangdong, and Shanghai, while strengthening its understanding of Chinese business culture through dedicated Chinese Desks staffed by Mandarin-speaking personnel.
China Development Bank: Driving African Growth
Wang Weidong, Vice President of China Development Bank, highlighted the bank’s contributions to Africa, including infrastructure projects and support for small and medium-sized enterprises.
Weidong noted that these efforts have created over 270,000 jobs in 33 African countries, demonstrating the tangible socio-economic benefits of China-Africa cooperation.
Key Takeaways:
- Nigeria attracted $1.27 billion from BRICS countries by mid-2024, a 190% increase from 2023.
- China remains Nigeria’s largest trading partner, with bilateral trade reaching N7.38 trillion.
- FirstBank pledges to deepen China-Africa banking relations to boost trade and investments.
- China Development Bank initiatives have spurred job creation and infrastructure development across Africa.
