Nigeria-India Trade: Modi Pushes For More Crude As Bilateral Commerce Rebounds
By FIDELUS ZWANSON
India Wants Crude Trade Revived
INDIA is seeking renewed purchases of Nigerian crude oil as both countries work to rebuild bilateral trade, which once approached $15 billion.
The push emerged from a bilateral meeting between Vice President Kashim Shettima and Indian Prime Minister Narendra Modi on the sidelines of the BRICS Leaders’ Summit in New Delhi.
Modi made a case for stronger energy trade, arguing that renewed crude purchases could help restore commercial exchanges between the two countries to previous levels.
Trade Fell After Crude Purchases Declined
Nigeria and India recorded about $14.95 billion in bilateral trade during the 2021–2022 financial year.
Trade subsequently declined, largely following a reduction in India’s purchases of Nigerian crude.
According to figures disclosed by India’s High Commissioner to Nigeria, Abhishek Singh, bilateral trade fell to $7.13 billion in 2024–2025.
It later recovered to about $9 billion in 2025–2026.
The latest discussions therefore focus on rebuilding the commercial relationship while reducing its dependence on a single commodity.
Nigeria Considers the Request
Shettima said Nigeria would examine India’s request as part of the Federal Government’s wider effort to attract investment and establish strategic economic partnerships.
He said Nigeria wanted international relationships to expand the country’s productive capacity and create more opportunities for its growing population.
The Vice President identified pharmaceuticals, defence, digital technology and the creative industries as areas where Nigeria wants deeper cooperation with India.
He also highlighted job creation and skills transfer as important objectives.
Beyond Crude Oil
While crude remains central to the relationship, the two countries discussed expanding cooperation in several other sectors.
Their discussions covered renewable and clean energy, power, healthcare, capacity building and financial technology.
Shettima said the Tinubu administration wanted to move the relationship beyond the traditional exchange of commodities.
Instead, Nigeria wants partnerships that support domestic production and value addition.
That approach could shift the relationship from a predominantly trade-based model towards a broader investment partnership.
Private Sector to Play Bigger Role
Both sides agreed that stronger private-sector engagement would help drive the next phase of economic cooperation.
Indian companies already have expertise in several industries where Nigerian demand remains significant.
The two countries also discussed greater collaboration in fintech and digital technology, building on earlier agreements involving digital public infrastructure.
For Nigeria, the stated objective is to convert international partnerships into investment, technology transfer, industrial expansion and jobs.
India-Africa Partnership
Modi also acknowledged Nigeria’s hospitality towards the sizeable Indian community living and doing business in the country.
Both leaders reaffirmed their commitment to maintaining high-level political and economic engagement.
They also pointed to the India-Africa partnership framework and other multilateral platforms as channels for continued cooperation.
Women & Grassroots Enterprise
The economic discussions also extended to women’s participation in productive activity.
Minister of Women Affairs, Imaan Sulaiman-Ibrahim, said Nigeria was drawing lessons from India’s women-led self-help group model.
The approach is being applied through the Nigeria for Women Programme Scale-Up and its Women Affinity Groups.
The groups are designed to connect women with finance, skills and markets.
The minister said the initiative forms part of the Federal Government’s broader efforts to strengthen women’s economic participation and social protection.
A Broader Economic Partnership
The renewed push for Nigerian crude could help restore a significant component of Nigeria-India trade.
However, the discussions indicate that both countries also want to build a wider economic relationship.
For Nigeria, the challenge will be to turn stronger bilateral trade into investment, industrial capacity, technology transfer and employment.
For India, renewed access to Nigerian crude could strengthen an established energy relationship while opening opportunities in other areas of the Nigerian economy.
