Nigeria and India Target $15 Billion Trade Partnership

Nigeria and India have set a target for $15 billion in bilateral trade, as the Indian government seeks to renew its purchases of Nigerian crude oil. This initiative follows a meeting between Vice President Kashim Shettima and Prime Minister Narendra Modi at the BRICS Leaders’ Summit in New Delhi.

The push for increased crude imports comes as both nations aim to reverse a decline in trade, which fell from $14.95 billion in the 2021/2022 financial year to $7.13 billion in 2024/2025. The Indian High Commissioner to Nigeria, Abhishek Singh, noted a rise to approximately $9 billion in the 2025/2026 financial year.

Shettima indicated that Nigeria would consider the request as part of President Bola Ahmed Tinubu's administration's strategy to attract investments and foster partnerships. Key areas for collaboration include pharmaceuticals, defense, digital technology, and renewable energy, with an emphasis on private-sector participation to enhance economic relations.