Nigeria India bilateral trade is set for a potential revival, with both countries working to rebuild their trade to nearly $15 billion, as both countries seek stronger economic cooperation and India pushes to resume major purchases of Nigerian crude oil.
The development followed a meeting between Vice President Kashim Shettima and Indian Prime Minister Narendra Modi on the sidelines of the 18th BRICS Summit in New Delhi. The two leaders discussed ways to strengthen economic ties and reverse the decline in trade between both countries.
Nigeria India Bilateral Trade Falls Before Recovery
Nigeria and India recorded bilateral trade worth about $14.95 billion in the 2021–2022 financial year. However, the figure dropped significantly to $7.13 billion in 2024–2025, largely following a reduction in India’s purchases of Nigerian crude oil.
Nigeria India bilateral trade later recovered to approximately $9 billion in 2025–2026, but both countries are now looking to return to the higher levels recorded previously.
Modi called for India to renew its purchases of Nigerian crude, noting that stronger energy trade could help push overall commercial exchanges closer to their previous peak.
Shettima said Nigeria would consider the request. However, he stressed that the country’s economic relationship with India should go beyond the traditional exchange of commodities.
Nigeria Seeks Wider Investment and Economic Cooperation
Beyond crude oil, Nigeria is seeking greater Indian investment. The focus is on areas that can support domestic production, create jobs and encourage technology and skills transfer.
Shettima identified pharmaceuticals, defence, digital technology and the creative industries as areas where both countries could deepen cooperation. Discussions also covered renewable and clean energy, power generation, healthcare, fintech and digital public infrastructure.
The Vice President said Nigeria wants international partnerships to contribute to industrial growth and value addition. He said the country should not rely mainly on the export of raw commodities.
The renewed engagement could therefore provide opportunities for both countries to expand trade across several sectors. For Nigeria, stronger economic ties with India could support investment, technology transfer and job creation. India could also strengthen its access to Nigerian energy and other markets.
Both sides are expected to continue discussions aimed at rebuilding trade and expanding private-sector participation in the relationship.