Nigeria and India are looking to revive their bilateral trade relationship to almost $15 billion, with Indian Prime Minister Narendra Modi calling for renewed purchases of Nigerian crude oil.
The push followed a meeting between Vice President Kashim Shettima and Modi 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, 2026.
According to the statement, Modi urged Nigeria to strengthen crude oil exports to India, noting that increased energy trade could help both countries rebuild the volume of commercial exchanges recorded in previous years.
Crude oil has historically represented a significant component of India’s imports from Nigeria, making energy cooperation a major part of the economic relationship between the two countries.
Bilateral trade rebounds after sharp decline
Trade between Nigeria and India reached approximately $14.95 billion in 2021–2022, before falling to $7.13 billion in 2024–2025.
The decline was attributed largely to reduced purchases of Nigerian crude by Indian buyers.
However, the relationship recorded some recovery in 2025–2026, when bilateral trade increased to about $9 billion, according to figures provided by India’s High Commissioner to Nigeria, Abhishek Singh.
The latest discussions are therefore aimed at rebuilding trade towards its earlier level of nearly $15 billion.
Responding to Modi’s request, Shettima said the Nigerian government would consider the proposal within its broader economic strategy of attracting investment and developing strategic partnerships.
“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,” the Vice President said.
Nigeria seeks broader partnership beyond oil
While crude oil remains central to the relationship, Shettima said Nigeria was interested in expanding cooperation with India into other sectors.
He identified pharmaceuticals, defence and digital technology as areas with significant opportunities for investment, skills development and job creation.
Shettima said the administration wanted Nigeria’s relationship with India to move beyond the traditional exchange of commodities towards partnerships 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,” he said.
Both countries also agreed on the need for greater private-sector participation, with discussions extending to fintech, digital technology and digital public infrastructure.
Nigeria looks to India on women’s economic empowerment
The talks also touched on opportunities to strengthen women’s participation in the Nigerian economy.
The Minister of Women Affairs, Imaan Sulaiman-Ibrahim, said Nigeria was studying India’s women-led self-help group model as part of efforts to improve financial inclusion and support grassroots businesses.
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According to her, expanding economic opportunities for women would be critical to Nigeria’s ambition of building a $1 trillion economy.
“Women’s economic empowerment is fundamental to our ambition of building a $1 trillion economy. We must deliberately bring millions more Nigerian women into productive economic activity,” she said.
The latest engagement signals an attempt by Nigeria and India to deepen economic ties, revive trade volumes and broaden their partnership beyond the traditional focus on crude oil.