Nigeria and India have agreed to deepen their strategic economic relations, with India seeking a renewed purchase of Nigerian crude oil as both countries target $15 billion in bilateral trade.
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‎The commitment was reached during a bilateral meeting between Vice President Kashim Shettima and Indian Prime Minister Narendra Modi on the sidelines of the just-concluded BRICS Leaders’ Summit in New Delhi.
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‎State House Correspondent Abdurrahman Jibrila reports that bilateral trade between both countries stood at about $14.95 billion in the 2021–2022 financial year.
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‎The figure declined largely due to reduced Indian purchase of Nigerian crude, dropping to $7.13 billion in 2024–2025, but later recovered to about $9 billion in 2025–2026.
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‎Vice President Shettima said Nigeria would examine the request as part of broader efforts by President Bola Tinubu’s administration to attract investment and build strategic partnerships capable of expanding the country’s production capacity.
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‎The two leaders also discussed expanded cooperation in renewable and clean energy, power, healthcare, capacity building, financial technology and other emerging sectors.
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‎The renewed push builds on a longstanding economic relationship in which crude oil has historically accounted for a significant share of India’s imports from Nigeria.
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‎Prime Minister Modi also expressed appreciation for Nigeria’s hospitality towards the sizeable Indian community living and doing business in the country.
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Nigeria, India Target $15bn Trade As Modi Seeks Renewed Crude Oil Purchase
