Nigeria, India Set $15bn Trade Target Amid Oil Talks

Nigeria and India are targeting a bilateral trade increase to $15 billion, as discussed during a meeting between Vice President Kashim Shettima and Indian Prime Minister Narendra Modi at 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 importance of renewing crude oil purchases from Nigeria to restore trade levels.

Shettima indicated that Nigeria would consider this request as part of President Bola Ahmed Tinubu’s administration's strategy to attract investment and foster strategic partnerships. The discussions also covered cooperation in sectors like pharmaceuticals, defence, digital technology, and renewable energy.

Furthermore, Shettima expressed interest in moving beyond traditional commodity exchanges to investments that enhance domestic production.