PM Modi Targets Renewal of Crude Purchase to Boost Nigeria-India Trade

By Adedapo Adesanya

Nigeria and India have agreed to work towards restoring bilateral trade to its previous peak of nearly $15 billion, with Indian Prime Minister Narendra Modi seeking stronger crude oil purchases from Nigeria.

The commitment was reached during a bilateral meeting between Vice President Kashim Shettima and Mr Modi on the sidelines of the BRICS Leaders’ Summit in New Delhi.

Trade between Nigeria and India fell from $14.95 billion in the 2021–2022 financial year to $7.13 billion in 2024–2025, largely following a decline in India’s crude oil purchases from Nigeria.

However, trade subsequently recovered to about $9 billion in 2025–2026.

Mr Modi stressed the importance of restoring energy trade as part of efforts to return bilateral commercial exchanges to previous levels, while Mr Shettima assured him that President Bola Tinubu’s administration would review India’s request to resume crude oil purchases.

This development comes as India seeks to diversify its crude purchases away from conflict zones like the Middle East and Russia, which is one of its largest sources before it attacked Ukraine in 2022.

The Nigeria Vice President also said the country was seeking to move beyond traditional commodity trade by attracting investments that would support local manufacturing, create jobs and facilitate technology transfer for the country’s young population.

Beyond oil, both countries agreed to strengthen cooperation in fintech, digital public infrastructure and the creative industries, while exploring partnerships in defence technology, power generation and clean energy.

They also agreed to promote investment in pharmaceuticals, healthcare and capacity building as both countries seek to deepen economic ties and revive bilateral trade.

On the social development front, the Minister of Women Affairs, Mrs Imaan Sulaiman-Ibrahim, said Nigeria is adapting India’s women-led self-help group model through the Nigeria for Women Programme Scale-Up.

She said the initiative uses Women Affinity Groups to promote financial inclusion, grassroots enterprise and social protection as part of Nigeria’s broader drive towards a $1 trillion economy.