Nigeria’s foreign capital inflows from BRICS nations surged by 189% in the first half of 2024, rising from $438.72 million in 2023 to $1.27 billion, according to data from the National Bureau of Statistics (NBS).

This increase comes amid Nigeria’s efforts to join the expanded BRICS coalition, which added Saudi Arabia, Iran, Egypt, Ethiopia, and the UAE in January 2024. While Nigeria wasn’t included, the country aims to secure membership in the coalition within the next two years to boost trade and investment.

South Africa and Saudi Arabia led the surge, with South Africa’s capital inflows skyrocketing by 267% to $838.32 million and Saudi Arabia’s increasing from $0.03 million to $147.07 million.

China’s capital importation also jumped from $0.25 million to $35.64 million, driven by its Belt and Road Initiative. However, half of the BRICS members, including Brazil and Russia, did not record any capital inflows into Nigeria during this period.

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