Vice President Kashim Shettima revealed that Nigeria attracted $1.27bn in foreign capital from BRICS countries by June 2024, a significant jump from $438.72m during the same period in 2023. Speaking at the China-Africa Inter-Bank Association Forum in Abuja, Shettima emphasized the growing economic collaborations between Nigeria and the BRICS bloc, which includes Brazil, Russia, India, China, South Africa, and newer members such as Iran and the UAE.

“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,” Shettima said, represented by Dr. Aliyu Modibbo.

Highlighting Nigeria’s trade with China, valued at N7.38tn in the first half of 2024, Shettima praised President Bola Ahmed Tinubu’s diplomacy, citing the signing of five MoUs during Tinubu’s September 2024 visit to China. “This underscores the importance of deepening our bilateral relationship with China, especially within the realm of financial and banking systems,” he added.

First Bank Group CEO, Olusegun Alebiosu, stressed the need for innovative solutions to boost Africa-China trade ties. “As the host of this year’s event, FirstBank is fully committed to the achievement of CAIBA’s objectives,” he said, noting the bank’s expanded services for Chinese businesses in Africa.

Wang Weidong, Vice President of China Development Bank, highlighted its role in creating 270,000 jobs across 33 African countries through infrastructure projects and SME support, reinforcing the socio-economic impact of the partnership.