Nigeria, India target $15bn trade as Modi seeks renewed crude purchases
Nigeria and India are seeking to rebuild bilateral trade towards its previous peak of nearly $15 billion, with Indian Prime Minister Narendra Modi calling for renewed purchases of Nigerian crude oil.
The development followed a bilateral meeting between Vice President Kashim Shettima and Modi on the sidelines of the just-concluded 18th BRICS Leaders’ Summit in New Delhi.
Bilateral trade between both countries stood at about $14.95 billion in the 2021–2022 financial year before declining largely as a result of reduced Indian purchases of Nigerian crude.
It dropped to $7.13 billion in 2024–2025 but recovered to about $9 billion in 2025–2026, according to figures disclosed by the Indian High Commissioner to Nigeria, Abhishek Singh.
Modi made a case for renewed crude purchases from Nigeria, saying stronger energy trade could help return commercial exchanges between both countries to previous levels.
Responding, Shettima said Nigeria would consider the request as part of the Federal Government’s broader efforts to attract investment and build strategic partnerships capable of expanding the country’s productive capacity.
“Nigeria would examine the request as part of broader efforts by President Bola Ahmed Tinubu’s administration to attract investment and build strategic partnerships capable of expanding the country’s productive capacity,” Shettima said.
The Vice President identified pharmaceuticals, defence, digital technology and the creative industries as areas of particular interest to Nigeria.
