India Eyes Nigerian Crude as Nigeria, India Target $15bn Trade
Nigeria and India are moving to revive their once-booming bilateral trade relationship, with New Delhi seeking renewed purchases of Nigerian crude oil as both countries target a return to nearly $15 billion in annual trade.
The renewed economic push emerged from talks between Vice President Kashim Shettima and Indian Prime Minister Narendra Modi on the sidelines of the BRICS Leaders’ Summit in New Delhi.
The discussions could mark a significant turning point in Nigeria-India economic relations following a sharp decline in bilateral trade in recent years.
Trade between the two countries stood at about $14.95 billion during the 2021–2022 financial year before dropping to $7.13 billion in 2024–2025, largely following a reduction in India’s purchases of Nigerian crude.
The figure, however, recovered to approximately $9 billion in 2025–2026, raising expectations that renewed energy cooperation and investment could push trade back towards the $15 billion mark.
During the meeting, Modi reportedly made a case for India to resume stronger purchases of Nigerian crude, with energy trade expected to play an important role in rebuilding commercial ties between the two countries.
Shettima said Nigeria would examine India’s request within the broader economic strategy of President Bola Ahmed Tinubu’s administration.
But Nigeria is also seeking to ensure that the next phase of its economic relationship with India goes beyond exporting crude oil and other raw materials.
The Vice President identified pharmaceuticals, defence, digital technology and the creative industry among sectors where Nigeria wants deeper investment and cooperation.
Other areas under consideration include renewable and clean energy, electricity, healthcare, financial technology and capacity development.
Nigeria is particularly interested in partnerships capable of promoting domestic production, industrialisation, technology transfer and job creation rather than relying mainly on traditional commodity exports.
The development comes as Nigeria seeks foreign investment to expand productive capacity and create opportunities for its growing youth population.
Xi, Okonjo-Iweala Push WTO Reform Agenda
Meanwhile, the changing global trade environment also took centre stage at the BRICS summit as Chinese President Xi Jinping held talks with World Trade Organisation Director-General Dr Ngozi Okonjo-Iweala.
Their discussions focused on China’s role in efforts to reform and strengthen the WTO and the multilateral trading system.
Okonjo-Iweala said the meeting was a follow-up engagement on WTO reforms, with Xi reiterating the importance of a properly functioning multilateral trading system to international commerce.
The talks come at a time of growing concern over geopolitical tensions, protectionism and disruptions to traditional global supply chains.
For Nigeria, the developments could present both challenges and opportunities as major economies increasingly seek alternative markets, energy suppliers and investment destinations.
Nigeria’s push to rebuild its trade relationship with India while attracting investment into manufacturing, pharmaceuticals, technology and other productive sectors could therefore become an important part of efforts to diversify the economy.
The challenge, however, will be converting diplomatic commitments and bilateral discussions into investments, factories, jobs and increased non-oil exports.
With Nigeria-India trade already recovering to around $9 billion, renewed crude purchases combined with stronger private-sector investment could determine whether the two countries succeed in returning bilateral trade to the $15 billion level.
