Shettima: China-Nigeria Trade Hits N7.38 Trillion, Cementing Leading Partnership

Vice President Kashim Shettima has announced that trade between Nigeria and China reached a staggering N7.38 trillion in the first half of 2024, reaffirming China as Nigeria’s largest trading partner.

Speaking at the 2024 China-Africa Inter-Bank Association Forum in Abuja on Wednesday, Shettima—represented by Dr. Aliyu Modibbo, Special Adviser to the President on General Duties—highlighted Nigeria’s growing economic ties with China and the BRICS nations.

The vice president noted a significant increase in foreign capital inflows from BRICS countries (Brazil, Russia, India, China, and South Africa), which rose to $1.27 billion by June 2024, up from $438.72 million in the same period last year. This surge reflects the confidence of BRICS economies in Nigeria’s potential and aligns with the nation’s strategic goal of fostering international investments and boosting domestic growth.

Shettima attributed this progress to proactive diplomatic efforts under President Bola Tinubu’s administration, including participation in key BRICS summits and the signing of pivotal agreements. He also emphasized the significance of Nigeria’s ties to China, citing the five Memoranda of Understanding signed during Tinubu’s visit to China in September 2024. These agreements, aligned with China’s Belt and Road Initiative, aim to drive infrastructure development in Nigeria.

“Our strengthened collaboration with BRICS countries is bearing fruit, with increased foreign capital inflows and a trade volume of N7.38 trillion between Nigeria and China,” Shettima remarked. “This growth highlights the success of our development partnerships and underscores mutual trust.”

Shettima reiterated that Nigeria’s active engagement with BRICS and China is central to its strategy for economic transformation and global cooperation.