Nigeria has witnessed a substantial surge in foreign capital inflow from the BRICS (Brazil, Russia, India, China, and South Africa) nations, with the total value reaching $1.27 billion in the fiscal year ending June 2024. This marks a significant increase from the $438.72 million recorded in the previous year, according to recent data.

This development was revealed by Nigeria's Vice President, Kashim Shettima, during the 2024 China-Africa Inter-Bank Association Forum held in Abuja. Shettima emphasized Nigeria's openness to strategic alliances that support its domestic growth goals, citing the country's active engagement with the BRICS nations despite not being a member state.

The Vice President also highlighted the significance of Nigeria's participation in the BRICS Summit held in South Africa last year, which has paved the way for new agreements with China. These agreements, including projects under the Belt and Road Initiative, are expected to significantly aid Nigeria's infrastructure development and strengthen the country's existing strong commercial ties with China.

The First Bank of Nigeria and the China Development Bank have been instrumental in bolstering China-Africa economic connections, with a focus on strengthening commerce and job creation in Africa. This collaboration is crucial for Nigeria, which has been actively seeking to join the BRICS group. In February and March, Nigeria reiterated its intention to submit its application to join the group, with the country's Minister of Foreign Affairs, Yusuf Tuggar, stating that Nigeria runs a deliberative democratic system that requires engagement with different interest groups and internal bodies before taking such action.

Although South Africa, Ethiopia, and Egypt are the only African countries currently part of the BRICS group, several other countries on the continent, including Algeria, Uganda, and Nigeria, are affiliated with the group as partner nations. Nigeria's growing ties with the BRICS nations are expected to have a positive impact on the country's economy, with the influx of capital set to boost infrastructure development and create new opportunities for commerce and job creation.

The surge in capital inflow from BRICS nations is a significant development for Nigeria, which has been seeking to diversify its economy and reduce its dependence on oil exports. As the country continues to navigate its economic growth goals, its engagement with the BRICS nations is likely to play an increasingly important role in shaping its economic future.

In the broader context, the growing influence of the BRICS nations in Africa is a trend that is likely to continue in the coming years. As African countries seek to develop their economies and improve their global competitiveness, partnerships with the BRICS nations are expected to become increasingly important. Nigeria's experience serves as a prime example of the potential benefits of such partnerships, and its success could pave the way for other African countries to follow suit.