Nigeria, India Target $15bn Trade Revival as Modi Seeks Crude Purchases
VP Shettima met Indian PM Modi at BRICS Summit to discuss renewing energy trade and rebuilding bilateral commerce to near-peak levels.
At the 18th BRICS Leaders' Summit held in New Delhi, Vice President Kashim Shettima engaged in substantive discussions with Indian Prime Minister Narendra Modi. The talks have led Nigeria and India to embark on a comprehensive effort to restore their commercial partnership.
An approximate $15 billion target for bilateral trade has been established by both countries, marking significant advancement from current levels. Renewing substantial crude oil purchases from Nigeria stands as a key priority for New Delhi's economic strategy.
Modi proposed to Shettima that reinvigorated energy commerce could become foundational to broader economic collaboration. Multiple reports indicate that a decline in Indian acquisitions of Nigerian petroleum has played a major role in the overall downturn affecting trade volumes between the two nations.
Representing President Bola Ahmed Tinubu, the Vice President attended the multilateral summit and returned home on Tuesday following the conclusion of talks. Beyond petroleum, discussions addressed technology partnerships, medical sector initiatives, investment opportunities, and numerous other strategic domains.
The government under President Tinubu's leadership has signaled openness to exploring India's proposal, with Shettima's office confirming Nigeria's receptiveness to the initiative. This exchange exemplifies Nigeria's wider commitment to strengthening ties with major global actors.
Modi's push for expanded crude sales reflects India's priorities concerning energy security as it expands its economic footprint. The two economies previously maintained stronger commercial ties, and this renewed effort aims to restore those connections to historical levels of intensity.
