Nigeria has seen a big jump in money coming from BRICS countries, which are Brazil, Russia, India, China, and South Africa. In the first half of 2024, this money increased by 189%. Nigeria is trying hard to become a part of the bigger BRICS group.
Numbers from the National Bureau of Statistics (NBS) show that money coming from BRICS countries went up from $438.72 million in the first six months of 2023 to $1.27 billion in the same time in 2024.
South Africa and Saudi Arabia were the main reasons for this increase, with their money going up by 267% and 490,000% respectively. China also sent more money to Nigeria, from $0.25 million to $35.64 million.
The United Arab Emirates, which is another new BRICS member, helped too, with its money going up from $209.41 million to $245.19 million.
Nigeria really wants to join the BRICS group in the next two years, saying its big economy and population make it a good fit.
