Finance

Nigeria Attracts Over $1bn in BRICS Capital, a 189% Increase

Nigeria Attracts Over $1bn in BRICS Capital, a 189% Increase
Friday, 29 November 2024 13:47

Foreign direct investment (FDI) flows into Nigeria have significantly increased since President Tinubu eased currency controls and implemented other investment-friendly measures. Although Nigeria is not yet a member of the BRICS, the country has clearly shown its interest in joining the group, while maintaining strong trade relations with its member countries.

In June 2024, Nigeria attracted $1.27 billion in foreign capital from BRICS countries, up 189.48% compared to the $438.72 million reported in the same period in 2023. The figures were reported on November 27 by Nigerian officials during the China-Africa Inter-Bank Association Forum in Abuja.

Dr. Aliyu Modibbo, special advisor to President Tinubu on general affairs, who represented Nigerian Vice President Alhaji Kashim Shettima (pictured) at the forum, praised the growing economic ties between Nigeria and the BRICS nations. “This reflects the deepening of our development partnerships and the mutual trust that continues to grow between us,” he said.

The BRICS group, which includes Brazil, Russia, India, China, and South Africa, recently welcomed new members such as Iran, Egypt, and Ethiopia. Despite not being a member, Nigeria remains an active partner.

“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,” said Modibbo on behalf of the Vice President.

China remains Nigeria's top trading partner, with trade between the two countries reaching 7.38 trillion naira (around $9.5 billion) in the first half of 2024. Last year, trade volume between Nigeria and China nearly reached $23 billion.

As a reminder, President Bola Ahmed Tinubu signed five memorandums of understanding during his visit to China in September. These agreements, aligned with the "Belt and Road" initiative, aim to strengthen Nigeria's infrastructure and financial systems.

On the same topic
MobileMoney Fintech CEO says company may list within 3–5 years Listing would allow users to invest in the company via mobile channels Ghana’s stock...
Government begins third 100-day performance review on April 20, 2026 GDP growth projected to rise from 9.2% to 10.2% Industry, services and...
Fitch says debt restructuring could come before any new IMF program Public debt near 91% of GDP keeps pressure on finances LNG project fuels...
Central bank aims to limit cash dollar transactions and promote digital payments Policy targets informal dollar flows and seeks removal from FATF...
Most Read
01

(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...

EBID makes giant strides for a green transition in west africa
02

Mahindra & Mahindra is considering a CKD assembly plant near Durban to strengthen its presence i...

Mahindra & Mahindra Eyes Major Shift to Full Vehicle Assembly in South Africa
03

AFC disbursed €43 million for Côte d’Ivoire solar project Financing supports 66 MW pla...

AFC Backs First Green Project Finance Bond for 66MW Côte d’Ivoire Solar Plant
04

Operators review 2025 investments, outline 2026 expansion plans Consumer complaints persist...

Cameroon Presses Telecom Operators on Service Quality as Complaints Rise
05

MTN Ghana launches crackdown on mobile money agent fraud Audits trigger warnings, suspensions...

MTN Ghana tightens controls on mobile money agents over fraud concerns
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.