FG attracted $1.27bn capital from BRICS countries – Shettima

The BRICS group includes Brazil, Russia, India, China, and South Africa, along with newer members such as Iran, Egypt, Ethiopia, and the United Arab Emirates.

At the 2024 China-Africa Inter-Bank Association Forum in Abuja yesterday, Shettima, represented by Dr. Aliyu Modibbo, the Special Adviser to the President on General Duties, emphasised the strengthening of economic relationships between Nigeria and BRICS nations.

He pointed out that Nigeria’s designation as a partner country within the bloc highlights its dedication to building strategic partnerships for national development.

Shettima stated, “Nigeria has always welcomed strategic alliances that align with our domestic growth objectives. This is evident in our active engagement with BRICS nations, even as a non-member, as demonstrated by our participation in last year’s BRICS Summit in South Africa.

“Our commitment to these partnerships was reaffirmed at the October 2024 BRICS Summit in Russia. We are encouraged by the increasing foreign capital inflow from BRICS countries, totaling $1.27 billion as of June 2024, a significant rise from $438.72 million during the same period in 2023. This illustrates the deepening of our development partnerships and the growing mutual trust.”

The Vice President highlighted China as Nigeria’s top trading partner, with trade between the two nations reaching N7.38 trillion in the first half of 2024. He credited this to President Bola Ahmed Tinubu’s diplomatic initiatives, which led to the signing of five key Memoranda of Understanding during Tinubu’s official visit to China in September 2024.

These agreements are aligned with the Belt and Road Initiative, aimed at enhancing Nigeria’s infrastructure development.

He remarked, “With total trade valued at N7.38 trillion as of June 2024, China is Nigeria’s leading trading partner. This emphasizes the need to strengthen our bilateral relationship with China, particularly in financial and banking sectors.

“President Bola Tinubu’s diplomatic efforts to reinforce our ties with China clearly demonstrate our commitment to this strategic partnership.”

First Bank Group CEO, Olusegun Alebiosu, also spoke at the event, commending the China-Africa Inter-Bank Association for promoting trade and investment relations.

He underscored the necessity for innovative solutions to overcome trade barriers between Africa and China, describing the partnership as crucial for the continent’s industrialization and economic diversification.

Alebiosu stated, “As the host of this year’s event, FirstBank is fully dedicated to achieving the overarching objectives of CAIBA swiftly.

“Our institution has taken significant steps to enhance our understanding of Chinese culture and business practices through our dedicated Chinese desks, staffed with both Chinese nationals and Mandarin-speaking personnel.

“At FirstBank, we are also committed to expanding our presence in the Chinese market beyond Beijing to other key commercial hubs, such as Guangdong and Shanghai.

“These initiatives reflect the strategic importance FirstBank places on China and Chinese businesses.

“As we engage in discussions today, I encourage all participants, especially CAIBA members, to recommit to the ideals and goals of the Association by exploring innovative ways to reduce and eliminate existing trade and investment barriers between Africa and China.

“I firmly believe that with the right support from stakeholders—government institutions, multilateral organizations, and private sector entities—China-Africa relations can evolve into a more powerful force for socio-economic and institutional development.”

Vice President of China Development Bank, Wang Weidong, highlighted the bank’s role in strengthening China-Africa relations through infrastructure projects and support for small and medium-sized enterprises. He noted that these initiatives have generated 270,000 jobs across 33 African nations, reinforcing the socio-economic advantages of the partnership.