Indian PM seeks renewed Nigerian crude purchases, broader trade

Vice President Kashim Shettima and Indian Prime Minister. Narendra Modi, on the sidelines of the just-concluded BRICS Leaders’ Summit in New Delhi, India.  Credit: Stanley Nkwocha/X.

Nigeria and India are set to renew their strategic economic relationship, with India seeking renewed purchases of Nigerian crude oil as both countries move to rebuild bilateral trade towards its previous high of nearly $15 billion.

This was revealed in a State House release issued on Monday by Stanley Nkwocha, the media aide to Vice President Kashim Shettima.

The commitment comes on the heels of the bilateral meeting between Shettima and Modi, on the sidelines of the just-concluded BRICS Leaders’ Summit in New Delhi, India.

According to the statement, titled ‘Nigeria, India Move To Rebuild Trade, Target $15bn As Modi Seeks Renewed Crude Purchases,’ Modi made a case for renewed crude purchases from Nigeria.

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

The Indian PM said stronger energy trade could help return commercial exchanges between both countries to previous levels.

In the 2021- 2022 financial year, bilateral trade between the two countries stood at about $14.95bn. However, due to reduced Indian purchases of Nigerian crude, the figure declined to $7.13bn in 2024–2025.

By 2025–2026, it rose to $9bn, according to figures disclosed by the Indian High Commissioner to Nigeria, Abhishek Singh.

In his response, Shettima stated that Nigeria would look into the intricacies of the PM’s request.

He noted, however, that the President Bola Tinubu-led administration was committed to building strategic partnerships to develop thecountry’s development.

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“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 VP assured.

Shettima, who represented Tinubu at the summit, also identified pharmaceuticals, defence and digital technology, among other sectors, as areas with significant potential for job creation and skills transfer for the nation’s growing youth population.

Shettima said, “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.”

Modi appreciated Nigeria’s hospitality for providing a safe business environment for Indian nationals living and doing business in the country.

“Both leaders agreed that stronger private-sector engagement would be central to the next phase of Nigeria-India relations, particularly in industries where Indian companies already possess considerable expertise and Nigerian demand remains strong.

“Discussions also covered greater collaboration in fintech and digital technology, building on both countries’ rapidly expanding digital economies and earlier agreements on digital public infrastructure.

“Senator Shettima said President Tinubu’s objective was to ensure that international partnerships translate into investment, technology transfer, industrial growth and tangible economic opportunities for Nigerians.

“Nigeria and India also expressed their commitment to sustaining high-level political and economic engagement, including through the India-Africa partnership framework and other multilateral platforms,” the statement said.

In her remarks, the Minister of Women Affairs, Imaan Sulaiman-Ibrahim, cited India’s women-led self-help group model, saying Nigeria is “drawing lessons” to “strengthen financial inclusion and grassroots enterprise.”

She noted that the Federal Government is resolved to build a $1 trillion economy, saying, “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.”