Nigeria and India are seeking to increase bilateral trade to $15 billion, with Indian Prime Minister Narendra Modi calling for renewed purchases of Nigerian crude oil.
The move followed a meeting between Vice President Kashim Shettima and Modi on the sidelines of the BRICS Leaders’ Summit in New Delhi.
Trade between the two countries stood at $14.95 billion in 2021/2022 before declining to $7.13 billion in 2024/2025. It later recovered to about $9 billion in 2025/2026.
Modi expressed interest in increasing India’s crude oil purchases from Nigeria as part of efforts to strengthen economic ties between both countries.
Shettima said Nigeria would consider the request but stressed that the Federal Government wants to move the relationship beyond the exchange of commodities.
He identified pharmaceuticals, defence, digital technology and creative industries as key areas for increased Indian investment, with emphasis on local production, job creation and technology transfer.
The two countries also discussed cooperation in renewable energy, healthcare, fintech, digital technology and other emerging sectors.
Shettima said Nigeria was interested in partnerships that would expand investment, develop skills, create jobs and increase opportunities for young Nigerians.
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