Indian PM Seeks Renewed Nigerian Crude Purchases as Nigeria, India Target $15bn Trade

Nigeria and India are working to rebuild bilateral trade to nearly $15 billion, with Indian Prime Minister Narendra Modi seeking renewed purchases of Nigerian crude oil.

The development followed a bilateral meeting between Vice President Kashim Shettima and Modi on the sidelines of the recently concluded BRICS Leaders’ Summit in New Delhi, India.

According to a statement issued earlier today, September 14, by Shettima’s media aide, Stanley Nkwocha, Modi called for renewed crude purchases from Nigeria, saying stronger energy trade could help restore commercial exchanges between both countries to previous levels.

The statement said the renewed push “builds on a longstanding economic relationship in which crude oil has historically accounted for a significant share of India’s imports from Nigeria.”

Bilateral trade stood at about $14.95 billion in the 2021-2022 financial year but dropped to $7.13 billion in 2024-2025 following reduced Indian purchases of Nigerian crude. The figure later rose to $9 billion in 2025-2026, according to figures provided by the Indian High Commissioner to Nigeria, Abhishek Singh.

Responding to Modi’s request, Shettima said Nigeria would examine the proposal as part of efforts by President Bola Ahmed Tinubu’s administration to attract investment and strengthen 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 assured.

Shettima also identified pharmaceuticals, defence and digital technology as areas where both countries could deepen cooperation through investment, skills transfer and job creation.

“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 said.

Both leaders also agreed to strengthen private-sector engagement, while discussions covered fintech, digital technology and digital public infrastructure.

The Minister of Women Affairs, Imaan Sulaiman-Ibrahim, said Nigeria was “drawing lessons” from India’s women-led self-help group model to “strengthen financial inclusion and grassroots enterprise.”

She added, “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.”