Nigeria and India have agreed to work towards restoring their bilateral trade relationship to nearly $15 billion after several years of decline. The commitment followed discussions between Vice President Kashim Shettima and Indian Prime Minister Narendra Modi on the sidelines of the BRICS Leaders' Summit in New Delhi.
India has specifically requested a revival of large-scale crude oil purchases from Nigeria. Modi emphasised that restoring energy trade is essential to returning overall commerce to its previous levels, while Shettima assured him that the Nigerian government would review the request for stronger crude purchases.
Official figures show bilateral trade fell from $14.95 billion in the 2021–2022 financial year to $7.13 billion in 2024–2025, driven mainly by lower Indian imports of Nigerian crude. Trade has since recovered to about $9 billion in 2025–2026.
Shettima said Nigeria wants the relationship to extend beyond traditional commodity trade. The country is seeking investments that support local manufacturing, create jobs and facilitate technology transfer, particularly for its young population.
Both sides agreed to deepen cooperation in fintech, digital public infrastructure and the creative industries. They are also exploring partnerships in defence technology, power generation, clean energy, pharmaceuticals, healthcare and capacity building.
Nigeria's renewed engagement with India comes as the Federal Government works to expand international trade and investment partnerships while positioning the country as a gateway to the African Continental Free Trade Area market.
