THE NATION
The federal government has expressed delight over the increasing inflow of foreign capital from BRICS countries, which surged to $1.27 billion as of June 2024—a rise from $438.72 million during the same period in 2023.
This growth the government said shows the strengthening of development partnerships and mutual trust between Nigeria and its global allies.
This disclosure was made by Vice President Kashim Shettima during the 2024 China- Africa Inter-Bank Association (CAIBA) Forum sponsored by First Bank in Abuja on Wednesday.
Represented by Dr. Aliyu Modibo, Special Adviser to the President on General Duties, Vice President Shettima noted the significance of Nigeria’s engagement with BRICS nations, stressing that these collaborations are vital to achieving the country’s domestic growth objectives.
According to the Vice President, Nigeria’s proactive engagement with BRICS, despite being a non-member state, is exemplified by its participation in the 2023 BRICS Summit in South Africa and its commitments at the October 2024 BRICS Summit in Russia.
“Nigeria remains committed to alliances with partners who prioritize our best interests and are dedicated to fostering growth and development in a transparent manner. This approach aligns with the Renewed Hope agenda of the current administration, aimed at driving inclusive and sustainable development,” Shettima stated.
The federal government maintained its commitment to creating an enabling environment for such strategic alliances, ensuring that they contribute meaningfully to the realization of its Renewed Hope agenda.
He commended Nigerian financial institutions, particularly First Bank of Nigeria Limited, for spearheading efforts to strengthen banking and financial ties between African banks and the China Development Bank.
“The promise shown by all stakeholders is highly encouraging, and the federal government is determined to ensure that this collaboration continues to thrive,” Shettima added.
Speaking at the forum, Olusegun Alebiosu, Chief Executive Officer of FirstBank Group, announced plans to expand the bank’s presence in China beyond Beijing to key commercial hubs such as Guangdong and Shanghai. This strategic move he said, shows the importance First Bank places on China and its businesses.
Alebiosu called on members of CAIBA to strengthen their commitment to the association’s goals by addressing barriers to trade and investment between Africa and China.
“I am fully convinced that with the right support from stakeholders—including government institutions, multilateral bodies, and private sector players—China-Africa relations can become a more powerful force for socio-economic and institutional development,” he stated.
