India Seeks Renewed Nigerian Crude Purchases As Both Nations Target $15bn Trade

India has expressed interest in renewing its purchases of Nigerian crude oil as Abuja and New Delhi seek to rebuild bilateral trade towards the nearly $15 billion level recorded in previous years.

The development 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.

According to a statement issued on Monday by Shettima’s media aide, Stanley Nkwocha, Modi made a case for renewed crude oil purchases from Nigeria, noting that stronger energy cooperation could help restore trade between the two countries to previous levels.

Bilateral trade, which stood at about $14.95 billion in the 2021–2022 financial year, fell to $7.13 billion in 2024–2025 following reduced Indian purchases of Nigerian crude. It subsequently recovered to about $9 billion in 2025–2026, according to figures cited by the Indian High Commissioner to Nigeria, Abhishek Singh.

Responding to Modi’s request, Shettima said Nigeria would examine the details, while stressing the Federal Government’s commitment to using strategic international partnerships to expand investment and strengthen the country’s productive capacity.

Shettima, who represented President Bola Tinubu at the summit, said Nigeria was interested in moving its relationship with India beyond the traditional exchange of commodities towards investments that promote domestic production and value addition.

He identified pharmaceuticals, defence and digital technology, among other sectors, as areas where stronger cooperation could create jobs, facilitate skills transfer and support Nigeria’s growing youth population.

The Vice President also emphasised the importance of greater private-sector participation, particularly in sectors where Indian companies have significant expertise and Nigerian demand remains strong.

The discussions further covered cooperation in fintech and digital technology, building on the expanding digital economies of both countries and previous agreements on digital public infrastructure.

Both sides also reaffirmed the importance of sustained political and economic engagement through the India-Africa partnership framework and other multilateral platforms.

Meanwhile, the Minister of Women Affairs, Imaan Sulaiman-Ibrahim, highlighted India’s women-led self-help group model as an area from which Nigeria could draw lessons to strengthen financial inclusion and grassroots enterprise.

She said women’s economic empowerment would be critical to the Federal Government’s ambition of building a $1 trillion economy, stressing the need to bring more Nigerian women into productive economic activity.

The renewed push for stronger Nigeria-India trade ties comes as both countries seek to deepen economic cooperation, attract investment and expand opportunities beyond crude oil and other traditional commodities.