Foreign capital from BRICS countries into Nigeria rises by 189% in six months

Oct. 14, 2024 - Nairametrics

Nigeria’s foreign capital inflows from BRICS nations have surged by 189% in the first half of 2024, amid the country’s ongoing efforts to secure a spot within the expanded BRICS coalition. What the data saysThe surge in BRICS capital inflows was primarily driven by South Africa and Saudi Arabia, which accounted for the largest increases in H1 2024.

Inflows from South Africa skyrocketed from $228.09 million in H1 2023 to $838.

32 million in H1 2024, marking a significant 267% rise. 50% of BRICS countries have zero foreign capital in NigeriaWhile there was a general increase in investments from BRICS member countries, half of the countries on the BRICS list did not record any foreign capital inflows into Nigeria in both H1 2023 and H1 2024.

Despite being members of the BRICS coalition, these nations have not made any capital investments in Nigeria during the period under review...