Nigeria, India Target $15bn Trade Revival As Modi Seeks Renewed Crude Purchases

Nigeria and India have agreed to work towards restoring bilateral trade to its previous peak of nearly $15 billion, with India seeking to resume stronger crude oil purchases from Nigeria.

The commitment was reached during a bilateral meeting between Vice President Kashim Shettima and Indian Prime Minister Narendra Modi on the sidelines of the BRICS Leaders’ Summit in New Delhi.

Trade between both countries fell from $14.95 billion in the 2021–2022 financial year to $7.13 billion in 2024–2025, largely following a decline in India’s crude oil purchases from Nigeria. It later recovered to about $9 billion in 2025–2026.

Modi stressed the importance of restoring energy trade as part of efforts to return bilateral commercial exchanges to previous levels.

Shettima assured him that President Bola Ahmed Tinubu’s administration would review India’s request to resume crude oil purchases.

The Vice President also stressed Nigeria’s intention to move beyond traditional commodity trade by attracting investments that support local manufacturing, create jobs and facilitate technology transfer for the country’s young population.

Beyond the oil sector, both countries agreed to strengthen cooperation in key areas, including fintech, digital public infrastructure and the creative industries.

They also agreed to explore partnerships in defence technology, power generation and clean energy, while promoting investment in pharmaceuticals, healthcare and capacity building.

On the social development front, the Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim, said Nigeria is adapting India’s women-led self-help group model through the Nigeria for Women Programme Scale-Up.

She said the initiative uses Women Affinity Groups to promote financial inclusion, grassroots enterprise and social protection as part of Nigeria’s broader drive towards a $1 trillion economy.