[ACCI-CAVIE] Competitive intelligence, a key lever for competitiveness and sovereignty, is at the heart of Nigeria’s strategy under President Bola Ahmed Tinubu. By easing foreign exchange controls and implementing investment-friendly policies, Nigeria is experiencing a remarkable surge in foreign direct investment (FDI) inflows. This positions the country as a formidable player in global markets and strengthens its geoeconomic footprint.
In June 2024, Nigeria attracted $1.27 billion in foreign capital from BRICS countries, marking an impressive 189.48% increase compared to $438.72 million recorded in 2023. This growth underscores the effectiveness of Nigeria’s competitive intelligence mechanisms in fostering international cooperation and building strategic partnerships.
Exemplary Nigeria-BRICS Synergy
Although Nigeria is not yet a member of the BRICS bloc, its active engagement demonstrates a clear strategic vision. Speaking at the China-Africa Inter-Bank Association Forum in Abuja, Dr. Aliyu Modibbo, Special Adviser to President Tinubu, highlighted the significance of this collaboration. “These results reflect growing mutual trust and the deepening of our strategic partnerships,” he stated. This approach, combining economic openness with strategic alliances, exemplifies Nigeria’s use of economic intelligence to maximize relationships with global powerhouses.
Strengthened Trade Relations with China
China, Nigeria’s largest trading partner, plays a pivotal role in this dynamic. Bilateral trade volumes reached ₦7.38 billion (approximately $9.5 billion) in the first half of 2024, following a total of nearly $23 billion in 2023. The strategic partnership was further solidified during President Tinubu’s visit to China in September, where five Memorandums of Understanding (MoUs) were signed under the “Belt and Road Initiative.” These agreements aim to enhance Nigeria’s infrastructure and financial systems while aligning with its national strategic objectives.
Competitive Intelligence as a Growth Engine
Nigeria’s economic intelligence strategy lies in its ability to analyze, structure, and capitalize on strategic information flows, including trade data, investment opportunities, and international collaborations. This proactive approach enables the country to strengthen ties with major global players such as the BRICS while safeguarding its economic sovereignty.
In conclusion, Nigeria demonstrates how competitive intelligence can transform challenges into opportunities, attract foreign investments, and assert strategic influence on the global stage. By deepening its partnerships with powerful economic blocs like BRICS, Nigeria is paving the way for a prosperous future for its economy and its people.
The editorial staff