(Ecofin Agency) - 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.