…lauds First Bank’s role on integration

The volume of investments flows from BRICS member nations, comprising Brazil, Russia, India, China, and South Africa, into Nigeria amounted to $1.27 billion as of June 2024.

This is as Nigeria renewed her strategic alliances that will support her domestic growth goals. The figure represents a substantial increase from just $438.72 million during the same period in 2023, the Vice President, Kashim Shettima, confirmed the update yesterday in Abuja at the 2024 China – Africa Development Finance Forum organised by China-Africa Inter-Bank Association.

Represented by his Special Adviser on Special Duties, Aliyu Modibbo Umar, Shettima put total trade value at N7.38 trillion as of June 2024.

The volume of trade, Shettima said, “reflects the deepening of our development partnerships and the mutual trust that continues to grow between us”.

He said China remained Nigeria’s most important trading partner, noting that the partnership underscored the importance of deepening bilateral relationships with China, especially within the realm of financial and banking systems.

Shettima recalled President Bola Ahmed Tinubu’s diplomatic efforts to strengthen Nigerian ties with China, being a clear evidence of country commitment to this strategic partnership. He said: “China remains Nigeria’s number one trading partner.

This underscores the importance of deepening our bilateral relationship with China, especially within the realm of financial and banking systems. President Bola Ahmed Tinubu’s diplomatic efforts to strengthen our ties with China are clear evidence of our commitment to this strategic partnership.

“This was further highlighted by the President’s official visit to China in September 2024, where he met with President Xi Jinping.

During this meeting, five key Memoranda of Understanding (MOUs) were signed, marking a significant step in our collaboration, including initiatives related to the Belt and Road Initiative in Nigeria.

“As a nation. Nigeria remains committed to its alliances with those who have our best interests at heart and are willing to support our growth and development in a transparent and systematic manner.

This approach is aligned with the Renewed Hope Agenda of the current administration, which seeks to drive inclusive and sustainable development.”