Nigeria, India Target $15bn Trade as Modi Seeks Renewed Crude Oil Purchases

Nigeria and India are seeking to rebuild bilateral trade towards $15 billion, with Indian Prime Minister Narendra Modi pushing for renewed purchases of Nigerian crude oil as both countries look to deepen economic ties.

The renewed push followed a meeting between Vice President Kashim Shettima and Modi on the sidelines of the BRICS summit in New Delhi. The discussions focused on strengthening trade and expanding cooperation between the two major economies.

Trade between Nigeria and India reached about $14.95 billion in the 2021–2022 financial year, but fell sharply to $7.13 billion in 2024–2025, largely after India reduced its purchases of Nigerian crude oil.

The relationship has since shown signs of recovery, with bilateral trade rising to about $9 billion in 2025–2026. India’s renewed interest in Nigerian crude could provide another boost if both sides translate the discussions into increased energy trade.

Modi has called for stronger energy cooperation, highlighting crude oil as an important part of the relationship. Nigeria, however, is seeking a broader economic partnership rather than relying mainly on petroleum exports.

Shettima said Nigeria wants to attract greater Indian investment in sectors including pharmaceuticals, technology, fintech, renewable energy and manufacturing. Such investments could help create jobs, expand local production and reduce the country’s dependence on raw commodity exports.

The bigger test for the renewed Nigeria-India trade push will therefore be what happens beyond the headline trade figures. Returning towards the $15 billion mark would be significant, but the stronger measure of success will be whether increased trade brings new investment, industrial capacity, jobs and more value-added production to Nigeria.