Nigeria, India Target $15bn Trade Revival
Nigeria and India have agreed to deepen economic ties and restore bilateral trade to nearly $15bn, with Indian Prime Minister Narendra Modi seeking renewed purchases of Nigerian crude oil.
The commitment 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 peaked at $14.95bn in 2021–2022 but fell to $7.13bn in 2024–2025 before recovering to $9bn in 2025–2026.
Modi urged stronger energy trade to return commercial exchanges to previous highs. Shettima said Nigeria would examine the request as part of President Tinubu’s broader push to attract investment and build strategic partnerships.
Shettima identified pharmaceuticals, defence, digital technology and creative industries as priority areas, stressing the need for partnerships that create jobs, transfer skills and open opportunities for Nigeria’s youth.
Both leaders also discussed cooperation in renewable energy, healthcare, fintech, power and capacity building. Shettima emphasised moving beyond commodity trade to investments that support domestic production and value addition.
Modi expressed appreciation for Nigeria’s hospitality towards the Indian community. The two sides agreed that stronger private-sector engagement would be central to the next phase of relations, particularly in industries where Indian expertise aligns with Nigerian demand.
Meanwhile, Women Affairs Minister Imaan Sulaiman-Ibrahim said Nigeria was adopting India’s women-led self-help group model to strengthen financial inclusion and grassroots enterprise under the Nigeria for Women Programme Scale-Up.