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

Indian Prime Minister Narendra Modi has called for renewed purchases of Nigerian crude oil as Nigeria and India seek to rebuild bilateral trade to about $15 billion.

According to Ireporter Online, Modi made the request during a bilateral meeting with Vice President Kashim Shettima on the sidelines of the recently concluded BRICS Leaders’ Summit in New Delhi, India.

Shettima’s media aide, Stanley Nkwocha, disclosed the development in a statement issued on Monday, September 14, saying the Indian leader expressed interest in restoring crude oil purchases from Nigeria as part of efforts to strengthen economic relations between both countries.

The statement noted that crude oil has historically accounted for a significant portion of India’s imports from Nigeria, making energy trade an important component of the bilateral economic relationship.

Bilateral trade between Nigeria and India was valued at approximately $14.95 billion during the 2021–2022 financial year. However, the figure declined to $7.13 billion in 2024–2025 following a reduction in Indian purchases of Nigerian crude.

Trade subsequently increased to about $9 billion in 2025–2026, according to figures provided by India’s High Commissioner to Nigeria, Abhishek Singh.

Responding to Modi’s request, Shettima said the Nigerian government would consider the proposal as part of broader efforts by President Bola Ahmed Tinubu’s administration to attract investment and strengthen strategic partnerships that can expand the country’s productive capacity.

“Nigeria would examine the request as part of broader efforts by President Bola Ahmed Tinubu’s administration to attract investment and build strategic partnerships capable of expanding the country’s productive capacity,” Shettima said.

The Vice President also identified pharmaceuticals, defence and digital technology as areas where Nigeria and India could deepen cooperation through investment, skills transfer and employment opportunities.

He said the Tinubu administration was interested in moving the relationship beyond the traditional exchange of commodities towards investments capable of supporting local production and value addition.

“The President Tinubu administration is particularly interested in moving Nigeria’s relationship with India beyond the traditional exchange of commodities towards investments that support domestic production and value addition,” Shettima stated.

The two countries also agreed to strengthen private-sector participation, with discussions covering fintech, digital technology and digital public infrastructure.

Minister of Women Affairs, Imaan Sulaiman-Ibrahim, disclosed that Nigeria was studying India’s women-led self-help group model as part of efforts to improve financial inclusion and support grassroots businesses.

She stressed that empowering women economically would be important to Nigeria’s ambition of building a $1 trillion economy, adding that more Nigerian women must be deliberately integrated into productive economic activities.