Nigeria and India are moving to rebuild bilateral trade to nearly $15 billion, with Indian Prime Minister Narendra Modi seeking renewed purchases of Nigerian crude oil as both countries pursue a broader economic partnership.
The agreement followed a meeting between Vice President Kashim Shettima and Modi on the sidelines of the BRICS Leaders’ Summit in New Delhi.
Trade between the two countries reached $14.95 billion in 2021–2022, but fell sharply after India reduced its purchases of Nigerian crude. It dropped to $7.13 billion in 2024–2025 before recovering to about $9 billion in 2025–2026, according to India’s High Commissioner to Nigeria, Abhishek Singh.
Modi said stronger energy ties could help restore trade to its previous level. Shettima responded that Nigeria would consider the request as part of President Bola Tinubu’s drive to attract investment and establish partnerships that expand the country’s productive capacity.
But Nigeria is seeking more than a return to oil-led trade. Shettima said the country wants Indian investment in pharmaceuticals, defence, digital technology, fintech, renewable energy, healthcare and the creative industries—sectors capable of creating jobs, transferring skills and opening opportunities for Nigeria’s growing youth population.
The two sides also stressed the importance of private-sector cooperation, particularly in industries where Indian companies have expertise and Nigerian demand is rising.
Women’s economic empowerment featured prominently in the discussions. Minister of Women Affairs Imaan Sulaiman-Ibrahim said Nigeria is adapting India’s women-led self-help group model through the Nigeria for Women Programme Scale-Up, connecting women to finance, skills and markets.
The initiative, she said, forms part of the Federal Government’s plan to bring millions more Nigerian women into productive economic activity and help build a $1 trillion economy.
For Nigeria and India, the renewed engagement signals an attempt to turn a long-standing oil relationship into a wider partnership built on investment, technology and industrial growth.
