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Nigeria Secures $1.27bn in Foreign Capital from BRICS Nations, Says Shettima

Nigeria’s growing economic ties with BRICS countries lead to significant foreign capital influx, marking a major boost for the country.

Vice President Kashim Shettima revealed that Nigeria attracted $1.27 billion in foreign capital from BRICS countries by June 2024.

This marks a significant increase from the $438.72 million recorded in the same period of 2023.

The BRICS bloc includes Brazil, Russia, India, China, and South Africa, as well as newer members such as Iran, Egypt, Ethiopia, and the UAE.

Shettima made the announcement during the 2024 China-Africa Inter-Bank Association Forum in Abuja on Wednesday. He was represented by Dr. Aliyu Modibbo, the Special Adviser to the President on General Duties.

Shettima emphasized that Nigeria’s participation in BRICS, despite not being a full member, reflects its commitment to fostering economic partnerships.

He noted that the growing ties with BRICS countries align with Nigeria’s broader domestic growth objectives.

The Vice President highlighted that Nigeria has always welcomed strategic alliances. The country’s increasing engagement with BRICS is part of its efforts to attract investments and enhance its economic standing.

Vivian Akinyosoye
Vivian Akinyosoye is a seasoned journalist with a background in English Language and a Masters degree in International Law & Diplomacy. She officially began her career in journalism when she joined Channels Television Lagos Nigeria in 2000. Her work in Channels allowed her to hone her skills as a journalist laying a solid foundation for a successful career as a versatile reporter covering Human angle stories, Health, Aviation, Metrofile, Travels, Business and Finance. She served as State House Correspondent Abuja in her early years with Channels TV and has trained at the London Academy for Film, Media and TV. She also served briefly with Silverbird Television Lagos Nigeria before joining African Voices 1 Network Intl (AV1 News) where she currently serves as Lead Editor, Business & Finance.

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