Nigeria, India move to revive $15bn bilateral trade

Nigeria and India have pledged to bolster their economic partnership, aiming to revive bilateral trade to its former peak of nearly $15 billion. The commitment emerged during a meeting between Vice President Kashim Shettima and Indian Prime Minister Narendra Modi at the BRICS Leaders’ Summit in New Delhi. Bilateral trade between the nations stood at $14.95 billion in the 2021–2022 fiscal year, but dipped to $7.13 billion in 2024–2025, recovering to around $9 billion by 2025–2026, according to the Indian High Commissioner to Nigeria, Abhishek Singh.

Indian Prime Minister Narendra Modi urged for increased crude oil purchases from Nigeria, highlighting how enhanced energy trade could reinvigorate commercial exchanges. In response, Vice President Shettima indicated that Nigeria would explore the proposal as part of President Bola Ahmed Tinubu’s strategy to attract investment and strengthen strategic partnerships.

Both leaders discussed expanding cooperation in sectors such as renewable and clean energy, healthcare, and digital technology, with a focus on creating jobs, transferring skills, and unlocking opportunities for Nigeria's youthful population. The renewed push aims to move beyond the traditional exchange of commodities towards investments that foster domestic production and value addition.