Nigeria and India have agreed to work towards restoring bilateral trade to its previous peak of nearly $15 billion, with Indian Prime Minister Narendra Modi seeking to revive the country’s crude oil purchases from Nigeria.
The commitment was reached during a bilateral meeting between Vice President Kashim Shettima and Modi on the sidelines of the BRICS Leaders’ Summit in New Delhi.
Bilateral trade between the two countries fell from $14.95 billion in the 2021–2022 financial year to $7.13 billion in 2024–2025, largely due to a decline in India’s crude oil purchases from Nigeria. Trade subsequently recovered to about $9 billion in 2025–2026.
Modi stressed the need to restore energy trade as part of efforts to return bilateral commercial exchanges to their previous levels.
In response, Shettima assured the Indian leader that President Bola Ahmed Tinubu’s administration would review India’s request to resume crude oil purchases from Nigeria.
The Vice President also said Nigeria was seeking to move beyond its traditional reliance on commodity exports by attracting investments capable of strengthening local manufacturing, creating jobs and facilitating technology transfer for the country’s growing young population.
Nigeria, India Expand Economic Cooperation
Beyond the oil sector, Nigeria and India agreed to deepen cooperation in several emerging areas, including financial technology, digital public infrastructure and the creative industries.
Both sides also agreed to explore partnerships in defence technology, power generation and clean energy, while encouraging greater investment in pharmaceuticals, healthcare and human-capital development.
The discussions reflect efforts by both countries to diversify their economic relationship and create new avenues for trade and investment beyond crude oil.
Nigeria Adopts India’s Women Empowerment Model
On the social development front, the Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim, said Nigeria was adapting India’s women-led self-help group model through the Nigeria for Women Programme Scale-Up.
She said the initiative uses Women Affinity Groups to promote financial inclusion, grassroots entrepreneurship and social protection.
According to the minister, the programme forms part of Nigeria’s broader strategy to empower women economically and support the country’s ambition of building a $1 trillion economy.
The renewed focus on trade, energy, investment and social development is expected to strengthen economic ties between Nigeria and India while opening new opportunities for businesses and investors in both countries.
