Nigeria's foreign capital inflow from BRICS nations surged to $1.27 billion by June 2024, a significant jump from $438.72 million during the same period in 2023, Nigerian Vice President Kashim Shettima said at the 2024 China-Africa Inter-Bank Association Forum in Abuja on Wednesday.
He underscored the country's commitment to strategic partnerships for growth by highlighting its burgeoning economic ties with BRICS nations.
“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," Shettima noted.
Five new agreements with China, including Belt and Road Initiative projects, are expected to significantly benefit Nigeria's infrastructure development and bolster its already substantial trade relationship with its largest trading partner, according to the vice president.
At the forum, First Bank of Nigeria and China Development Bank highlighted their respective roles in strengthening China-Africa economic ties, with a focus on facilitating trade and creating jobs in Africa.