Foreign capital inflow into Nigeria from members of the BRICS nations has experienced a significant increase in the last fiscal years ending June 2024.
As seen on Sputnik, Nigeria’s capital inflow from BRICS jumped from $438.72 million in the year ending June 2023, to $1.27 billion by June 2024.
This was revealed by the vice president of the country, Kashim Shettima, during the 2024 China-Africa Inter-Bank Association Forum that was held in the country’s capital Abuja on Wednesday.
“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,” the vice president stated.
According to Shettima, five new agreements with China, including Belt and Road Initiative projects, are expected to significantly aid Nigeria’s infrastructure development while also strengthening the country’s existing strong commercial ties with its major trading partner.
During the conference, the First Bank of Nigeria and the China Development Bank underscored how they contributed to bolstering China-Africa economic connections, with an emphasis on strengthening commerce and job creation in Africa.
Although South Africa, Ethiopia, and Egypt, are the only African countries in the BRICS group, several other countries on the continent are affiliated with the group, specifically as partner nations, include Algeria Uganda, and Nigeria.
In February and later March, Nigeria iterated that it wanted to send its application to join the BRICS group.
“We intend to do it. Like I said before, Nigeria runs a deliberative democratic system. So there tends to be a lot of engagement with different interest groups, different internal bodies before such an action is taken,” Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, stated at the time.
Business Insider
