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Nigeria and India are seeking to strengthen their economic relationship and restore bilateral trade to its previous high of nearly $15 billion.
The development followed a bilateral meeting between Vice President Kashim Shettima and Indian Prime Minister Narendra Modi on the sidelines of the Brazil, Russia, India, China, and South Africa (BRICS) Leaders’ Summit in New Delhi.
According to a statement by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications in the Office of the Vice President, India is seeking to resume purchases of Nigerian crude oil as both countries work to expand trade.
STATE HOUSE PRESS RELEASE
Nigeria, India Move To Rebuild Trade, Target $15bn As Modi Seeks Renewed Crude Purchases*
** *Expand cooperation in defence, pharmaceuticals, digital technology, fintech, renewable energy, creative industries
Nigeria and India have agreed to deepen… pic.twitter.com/fkzPHbSNuN
— Stanley Nkwocha (@stanleynkwocha_) September 14, 2026
Bilateral trade reached about $14.95 billion in the 2021-2022 financial year before declining, largely because India reduced its purchases of Nigerian crude.
The figure fell to $7.13 billion in 2024-2025 before recovering to about $9 billion in 2025-2026, according to figures disclosed by India’s High Commissioner to Nigeria, Abhishek Singh.
Modi said renewed crude purchases from Nigeria could help strengthen energy trade and return commercial exchanges between both countries to previous levels.
Responding, Shettima said Nigeria would consider the request as part of the Tinubu administration’s broader efforts to attract investment and build strategic partnerships that can expand the country’s productive capacity.
The Vice President identified pharmaceuticals, defence, digital technology and the creative industries as areas of particular interest to Nigeria. He said partnerships in these sectors should create jobs, facilitate skills transfer and expand opportunities for Nigeria’s large youth population.
The two leaders also discussed greater cooperation in renewable and clean energy, power, healthcare, capacity building, financial technology and other emerging sectors.
Shettima said the administration wanted to move Nigeria’s relationship with India beyond the traditional exchange of commodities towards investments that support domestic production and value addition.
Crude oil has historically accounted for a significant share of India’s imports from Nigeria, forming part of the longstanding economic relationship between both countries.
Modi also appreciated Nigeria’s hospitality towards the Indian community living and doing business in the country.
Both leaders agreed that stronger private-sector engagement would be important to the next phase of Nigeria-India relations, particularly in sectors where Indian companies have expertise and Nigerian demand remains strong. The discussions also covered greater cooperation in fintech and digital technology, building on the countries’ expanding digital economies and previous agreements on digital public infrastructure.
Shettima said the administration’s objective was to ensure that international partnerships result in investment, technology transfer, industrial growth and economic opportunities for Nigerians.
Nigeria and India also reaffirmed their commitment to maintaining high-level political and economic engagement through the India-Africa partnership framework and other multilateral platforms.
