Nigeria and India target $15 billion trade revival as Modi seeks renewed crude oil purchases

By Maryanne Opene

Nigeria and India are seeking to restore bilateral trade to nearly $15 billion after commercial exchanges between the two countries declined sharply, with renewed crude oil purchases and investment partnerships expected to drive the recovery.

The commitment followed a meeting between Vice President Kashim Shettima and Indian Prime Minister Narendra Modi on the sidelines of the BRICS Leaders’ Summit in New Delhi in September 2026.

Trade between both countries reached approximately $14.95 billion in the 2021–2022 financial year but fell to $7.13 billion in 2024–2025, largely because India reduced its purchases of Nigerian crude oil. The figure recovered to about $9 billion in 2025–2026, indicating a gradual improvement in commercial relations.

Modi called for renewed purchases of Nigerian crude, arguing that stronger energy trade could help both countries return to their previous trade levels.

Shettima said Nigeria would consider the request as part of efforts to attract investment, strengthen economic partnerships and expand domestic production.

Nigeria also wants to broaden its trade relationship with India beyond crude oil exports. Both countries are exploring opportunities in pharmaceuticals, digital technology, financial services, healthcare, renewable energy, power generation and the creative industries.

According to Shettima, stronger partnerships should create employment, encourage technology transfer and help Nigerian businesses develop products with greater local value.

The renewed trade initiative presents opportunities for Nigerian exporters and manufacturers, particularly if cooperation extends to sectors capable of supporting local production. Indian companies already operate in several Nigerian industries, including pharmaceuticals, manufacturing, construction and consumer goods.

However, restoring trade to $15 billion will require more than renewed diplomatic commitments. Both countries will need to expand commercial opportunities, strengthen private-sector participation and establish partnerships that deliver measurable economic benefits.

The challenge is to ensure that increased trade translates into more investment, stronger domestic industries and sustainable job creation rather than continued dependence on crude oil exports.

The success of the initiative will ultimately depend on whether both countries can turn their renewed commitment into concrete business agreements and sustained growth in bilateral trade.