Nigeria and India are working to raise bilateral trade to its previous level of nearly $15 billion, with Indian Prime Minister Narendra Modi calling for renewed purchases of Nigerian crude oil.
The issue was discussed when Vice President Kashim Shettima met with Modi on the sidelines of the BRICS Leaders’ Summit in New Delhi.
Trade between Nigeria and India stood at about $14.95 billion in 2021–2022, but later fell as India reduced its purchases of Nigerian crude.
It dropped to $7.13 billion in 2024–2025, before rising to about $9 billion in 2025–2026, according to figures disclosed by India’s High Commissioner to Nigeria, Abhishek Singh.
India pushes for more Nigerian crude
Modi said increased energy trade could help push commercial ties between the two countries back to previous levels.
He therefore made a case for renewed purchases of Nigerian crude oil, which has historically accounted for a significant part of India’s imports from Nigeria.
Shettima said Nigeria would consider the request as the Federal Government continues to seek investments and partnerships that can expand production in the country.
Focus shifts beyond oil
Nigeria also wants to use the relationship to attract investment into areas including pharmaceuticals, defence, digital technology, fintech, renewable energy and the creative industry.
Shettima said the focus should be on partnerships that create jobs, transfer skills and provide opportunities for Nigeria’s large youth population.
“The President Tinubu administration is particularly interested in moving Nigeria’s relationship with India beyond the traditional exchange of commodities towards investments that support domestic production and value addition,” he said.
The discussions also covered healthcare, power, clean energy and capacity building, as well as cooperation in digital technology and financial technology.
The two sides agreed that increased involvement by the private sector would be important to growing trade, particularly in areas where Indian companies have experience and there is demand in Nigeria.
Digital economy and investment
Nigeria and India also discussed greater cooperation in fintech and digital technology, building on earlier agreements on digital public infrastructure.
Shettima said the administration wants international partnerships to result in investment, technology transfer, industrial growth and economic opportunities for Nigerians.
Modi also expressed appreciation for Nigeria’s support for the Indian community living and doing business in the country.
Women-led businesses
The economic discussions also touched on women’s participation in business and financial inclusion.
Minister of Women Affairs, Imaan Sulaiman-Ibrahim, said Nigeria was taking lessons from India’s women-led self-help group model to strengthen grassroots businesses.
She said the model is being applied through the Nigeria for Women Programme Scale-Up, using Women Affinity Groups to link women with finance, skills and markets.
“Women’s economic empowerment is fundamental to our ambition of building a $1 trillion economy. We must deliberately bring millions more Nigerian women into productive economic activity,” the minister said.
With trade now at about $9 billion, Nigeria and India are seeking to rebuild the commercial relationship while opening up new areas for investment beyond crude oil.
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