India seeks more Nigerian crude as Shettima, Modi push stronger trade ties

India is seeking greater crude oil imports from Nigeria following Vice President Kashim Shettima and Prime Minister Narendra Modi's commitment to intensify bilateral trade and investment ties. This push for enhanced economic cooperation occurred during informal talks prior to the BRICS Summit in New Delhi. The discussions covered strategic sectors such as oil and gas, renewable energy, power, defense, technology, healthcare, and capacity building.

During the meeting, Prime Minister Modi expressed gratitude to Nigeria for ensuring a secure environment for the 80,000 Indian residents and workers. He also stressed the need for increased crude oil purchases from Nigeria to revitalize bilateral trade, which has dwindled from $14 billion annually to around $9 billion in recent years.

In response, Shettima assured Modi that Nigeria would consider the request while highlighting sectors crucial to the nation's economic growth agenda, including pharmaceuticals, defense, digital technology, and the creative economy. Both leaders agreed to bolster collaboration across these industries to promote economic opportunities and trade between India and Nigeria.

Nigeria and India have been actively exploring new investment and trade prospects, with the Federal Government aiming to reduce reliance on imported steel and attract long-term investments into Nigeria's manufacturing sector. This move came amid the 18th BRICS Summit in New Delhi, where President Bola Tinubu advocated for deeper engagement between Nigeria and BRICS nations.

Nigeria became a BRICS partner country in January 2025, following its admission under Brazil's presidency. Since then, the Federal Government has leveraged BRICS membership to drive economic transformation, industrialization, and sustainable growth.