Nigeria and India Aim to Revive $15bn Trade Partnership

Nigeria and India have committed to enhancing their economic relationship and restoring bilateral trade to its previous high of nearly $15 billion. This agreement emerged from a bilateral meeting between Vice President Kashim Shettima and Indian Prime Minister Narendra Modi during the BRICS Leaders’ Summit in New Delhi.

The trade volume between the two nations was approximately $14.95 billion in the 2021-2022 financial year but fell to $7.13 billion in 2024-2025 due to decreased Indian purchases of Nigerian crude oil. It rebounded to about $9 billion in 2025-2026.

Modi emphasized the need for renewed crude oil purchases, while Shettima indicated Nigeria's willingness to consider this request as part of President Bola Ahmed Tinubu's strategy to attract investment. The discussions also covered cooperation in various sectors, including pharmaceuticals, defence, digital technology, and renewable energy, with an emphasis on creating jobs and enhancing Nigeria's productive capacity.