By TheDailyNewsHub
Nigeria and India are seeking to rebuild bilateral trade towards the $15 billion level, 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 18th BRICS Leaders’ Summit in New Delhi, India.
According to a statement from Shettima’s media aide, Stanley Nkwocha, Modi made the case for stronger energy cooperation, arguing that renewed Indian purchases of Nigerian crude could help restore commercial exchanges between the two countries to their previous levels.
Trade between Nigeria and India reached about $14.95 billion in the 2021–2022 financial year before falling sharply to $7.13 billion in 2024–2025, largely following a decline in India’s purchases of Nigerian crude. The figure subsequently recovered to approximately $9 billion in 2025–2026, according to figures cited by the Indian High Commissioner to Nigeria, Abhishek Singh.
In response to Modi’s request, Shettima said the Nigerian government would examine the proposal as part of President Bola Tinubu’s efforts to attract investment and develop strategic partnerships capable of expanding Nigeria’s productive capacity.
However, Abuja is seeking a broader economic relationship with India rather than simply returning to a crude oil-dependent trade model.
Shettima identified pharmaceuticals, defence, digital technology and the creative industries as areas where both countries could deepen cooperation, with emphasis on investments that create jobs, transfer skills and support domestic production.
“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,” Shettima said, according to the statement.
The two countries also discussed cooperation in fintech, digital public infrastructure, renewable and clean energy, power generation, healthcare and capacity building. Both sides are also looking to strengthen private-sector participation in the relationship.
Nigeria’s relationship with India has historically been anchored significantly on energy. The Indian Consulate in Lagos says bilateral trade reached $14.95 billion in 2021–2022, while India has traditionally been one of the major buyers of Nigerian crude oil.
The latest engagement comes as Nigeria seeks to diversify its export markets and attract investment into sectors beyond oil, while India continues to strengthen its economic relationships with major emerging economies.
The meeting also provided an opportunity for both countries to discuss social and economic development. Minister of Women Affairs Imaan Sulaiman-Ibrahim said Nigeria was drawing lessons from India’s women-led self-help group model through the Nigeria for Women Programme Scale-Up, particularly in financial inclusion, grassroots enterprise and social protection.
The renewed trade push is therefore aimed not simply at recovering the nearly $15 billion volume recorded four years ago, but at building a broader Nigeria-India economic partnership based on energy, investment, technology, manufacturing and value addition.