BRICS Investment in Nigeria Soars 189% in Six Months

Nigeria’s foreign investment inflows from BRICS nations have soared to 189 per cent in the first two quarters of 2024, being January to June.

This is contained in a report from Nigeria’s National Bureau of Statistics, NBS, rising from $438.72 million in the first half of 2023 to $1.27 billion in the same period in 2024.

The surge in inflows from the BRICS bloc into Nigeria started with South Africa’s capital inflows skyrocketing by 267 per cent from $228.09 million in 2023 to $838.32 million in 2024 and Saudi Arabia’s increasing from $0.03 million to $147.07 million.

China’s capital inflow also jumped from $0.25 million to $35.64 million, driven by its Belt and Road Initiative, BRI.

UAE also contributed to the rise, with inflows growing from $209.41 million in the first half of 2023 to $245.19 million in 2024.

These capital importations, mainly derived from energy, infrastructure, and trade investments, reflect the growing economic ties between BRICS member states and Nigeria, even though it has not officially joined the bloc.

Meanwhile, 50 per cent of the BRICS bloc, including Russia and Brazil, did not record any foreign capital into Nigeria in 2023 and 2024.

Numerous causes, such as different economic interests, regional focus, or geopolitical considerations that may affect their investment plans could be the reason for this lack of inflow.

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Mayowa Durosinmi

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M. Durosinmi is a West Africa Weekly investigative reporter covering Politics, Human Rights, Health, and Security in West Africa and the Sahel Region

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