Nigeria and India target $15bn trade as Modi seeks crude purchases

Nigeria and India have set a target to rebuild bilateral trade to $15 billion, with India seeking to resume significant crude oil purchases from Nigeria to help restore commercial exchanges to previous levels. The commitment emerged from a bilateral meeting between Nigerian Vice President Kashim Shettima and Indian Prime Minister Narendra Modi on the sidelines of the BRICS Leaders Summit in New Delhi. The discussions focused on reversing a decline in trade between the two nations. Bilateral trade stood at $14.95 billion in the 2021-2022 financial year before falling sharply after India reduced its purchases of Nigerian oil. According to Indian High Commissioner Abhishek Singh, trade dropped to $7.13 billion in 2024-2025 before recovering to about $9 billion in 2025-2026. Prime Minister Modi called for the resumption of significant crude imports, stating that stronger energy trade could help bridge the gap in commercial exchanges. In response, Vice President Shettima said Nigeria would study the request as part of President Bola Ahmed Tinubu's administration's broader efforts to attract investments and build strategic partnerships.