Nigeria, India Target $15bn in bilateral trade, as Modi seeks new Crude Purchases

Nigeria and India have committed to increasing their economic ties, aiming to restore the former's trade relationship to its pre-2024 levels of almost $15 billion. This agreement came after a bilateral meeting between Vice President Kashim Shettima and Indian Prime Minister Narendra Modi during the BRICS Leaders’ Summit in New Delhi.

The last trade figures showed the 2021-2022 financial year with a trade value of $14.95 billion, which had dropped to $7.13 billion in 2024-2025 but rebounded to approximately $9 billion in 2025-2026, according to Indian High Commissioner Abhishek Singh. Prime Minister Modi has emphasized the need for increased crude oil purchases from Nigeria, stating that improved energy trade could help revive the commercial exchanges between the two nations.

In response, Shettima assured that Nigeria will consider the Indian Prime Minister's request as part of President Bola Ahmed Tinubu's administration's strategy to foster investment and strategic partnerships. The two leaders also highlighted their interest in expanding cooperation in renewable energy, healthcare, digital technology, and other emerging sectors.

They stressed the importance of partnerships that can create jobs, transfer skills, and generate opportunities for Nigeria's youth. Both countries agreed to enhance private-sector engagement in industries where Indian companies have expertise and Nigerian demand remains strong. Discussions also covered enhanced collaboration in fintech and digital technology, building on both nations' rapidly growing digital economies.

Nigerian Women Affairs Minister Hajiya Imaan Sulaiman-Ibrahim added that Nigeria is exploring India's women-led self-help group model to bolster financial inclusion and grassroots enterprise through the Nigeria for Women Programme Scale-Up.