As of June 2024, investment flows from BRICS nations—Brazil, Russia, India, China, and South Africa—into Nigeria totaled $1.27 billion, a significant increase from $438.72 million in 2023. This growth reflects Nigeria’s renewed strategic partnerships aimed at supporting its domestic development goals.
Vice President Kashim Shettima, speaking at the 2024 China-Africa Development Finance Forum in Abuja, highlighted that total trade between Nigeria and BRICS countries reached N7.38 trillion by mid-2024. He emphasized the strengthening of mutual trust and development partnerships, noting that China remains Nigeria’s most important trading partner.
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Shettima underscored the importance of deepening ties with China, particularly in financial and banking sectors, and referenced President Bola Tinubu’s diplomatic efforts, including his September 2024 visit to China, where five key Memoranda of Understanding (MOUs) were signed. These agreements, including initiatives linked to the Belt and Road Initiative, mark a significant step in Nigeria-China collaboration.
The Vice President also praised Nigeria’s commitment to its strategic alliances, aligning with the current administration’s Renewed Hope agenda for sustainable and inclusive growth. He applauded Nigerian financial institutions, such as First Bank, for playing a leading role in strengthening Africa-China banking ties, which he sees as essential for driving modernization and economic diversification in both regions.
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At the event, China Development Bank’s Mr. Wang Weidong discussed the role of financial cooperation in promoting industrialization in both China and Africa. He highlighted the importance of sustainable and green industrial development and expressed support for increased use of cryptocurrencies in China-Africa trade.
First Bank’s Group Managing Director, Olusegun Alebiosu, also emphasized the growing trade and investment ties between China and Africa, noting that Chinese companies play a significant role in
