Indian PM seeks renewed Nigerian crude purchases, broader trade

Indian Prime Minister Narendra Modi has sought renewed crude oil purchases from Nigeria, as part of efforts to revitalize bilateral trade between the two nations. The proposal was made during a bilateral meeting between Modi and Nigerian Vice President Kashim Shettima, which took place on the sidelines of the BRICS Leaders’ Summit in New Delhi.

The meeting came after both countries aimed to rebuild their economic relationship, which reached nearly $15 billion in trade in the 2021-2022 financial year. However, the trade figure has since dropped to $7.13 billion in 2024-2025 due to reduced Indian purchases of Nigerian crude. Shettima assured that Nigeria would look into the request, emphasizing the commitment of President Bola Tinubu's administration to fostering strategic partnerships that drive the country's development.

The two leaders identified pharmaceuticals, defence, digital technology, and other sectors as prime areas for job creation and skills transfer, aiming to move beyond the traditional exchange of commodities towards investments that support domestic production and value addition.