India Seeks Renewal of Nigerian Crude Oil Purchases

India is aiming to restore significant purchases of Nigerian crude oil as both nations work to rebuild bilateral trade, which had declined sharply from $14.95 billion in the 2021–2022 financial year to $7.13 billion in 2024–2025, before recovering to approximately $9 billion in 2025–2026. Indian Prime Minister Narendra Modi made this appeal during a meeting with Nigerian Vice President Kashim Shettima at the BRICS Leaders’ Summit in New Delhi.

Shettima indicated that Nigeria would consider this request as part of President Bola Tinubu's administration's strategy to attract investment and forge strategic partnerships. He emphasized the desire for economic relations to extend beyond crude oil sales to include sectors such as pharmaceuticals, defence, digital technology, and the creative industries.

Both leaders discussed enhancing cooperation in renewable energy, healthcare, and fintech, with a focus on creating jobs and expanding opportunities for Nigeria’s youth. Modi and Shettima agreed on the importance of private-sector participation in revitalizing economic ties.