Shettima Meets Modi As Nigeria, India Move To Rebuild Trade Towards Previous High Of $15bn
* PM seeks renewed crude purchases Deji Elumoye in Abuja Nigeria and India have agreed to deepen their strategic economic relationship, with India seeking renewed purchases of Nigeria’s crude oil as
Vice-President Kashim Shettima met with Indian Prime Minister Narendra Modi during the BRICS Leaders' Summit in New Delhi, marking a renewed effort to rebuild bilateral trade between Nigeria and India. The two countries previously enjoyed a robust economic relationship, with trade valued at nearly $15 billion. However, trade volumes have fluctuated, dropping to $7.13 billion in 2024–2025 before recovering to about $9 billion in 2025–2026.
At the meeting, Modi advocated for renewed crude oil purchases from Nigeria, emphasizing that stronger energy trade could help elevate commercial exchanges to previous levels. Shettima expressed willingness to explore the request as part of President Bola Ahmed Tinubu's administration's strategy to attract investment and foster strategic partnerships.
Both leaders identified pharmaceuticals, defense, digital technology, and the creative industries as areas of mutual interest, aiming to create jobs, transfer skills, and provide opportunities for Nigeria's youth population. The renewed push also emphasizes cooperation in renewable and clean energy, power, healthcare, capacity building, financial technology, and other emerging sectors.
Both sides stressed the importance of private-sector engagement, particularly in industries where Indian companies have expertise, and Nigerian demand remains strong. Discussions also highlighted the significance of digital technology and financial inclusion, with both nations committed to sustaining high-level political and economic engagement through platforms like the India-Africa partnership framework.
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