December 11, 2024
Nigeria’s Capital Inflow from BRICS Nations Hits $1.27 Billion says VP Shettima
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Nigeria’s Capital Inflow from BRICS Nations Hits $1.27 Billion says VP Shettima

Nigeria’s Capital Inflow from BRICS Nations Hits $1.27 Billion says VP Shettima
The Vice President of Nigeria, Kashim Shettima Mustapha

Vice-President Kashim Shettima has revealed that Nigeria received $1.27 billion in foreign capital from BRICS nations as of June 2024, marking a significant rise from the $438 million recorded during the same period last year. He disclosed this at the China-Africa Inter-Bank Association Forum held in Abuja where he called for stronger collaboration to enhance trade and commerce.

Represented by his Special Adviser on General Duties, Aliyu Modibbo, the vice president noted that China remains Nigeria’s largest trading partner, with bilateral trade reaching ₦7.38 trillion in the first half of 2024. He highlighted that President Bola Tinubu’s diplomatic engagements, including his official visit to China in September, were instrumental in this growth.

Also Read: Nigeria-China Trade Hits $22.6 Billion in 2023, Says Shettima

According to him, during the visit, five major memoranda of understanding (MoUs) were signed, incorporating projects aligned with China’s Belt and Road Initiative in Nigeria. 

The vice-president urged continuous engagement with BRICS nations to sustain investment inflows and deepen Nigeria’s integration into global trade networks.

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