Nigeria and India have agreed to deepen their economic ties and work towards restoring bilateral trade to its previous high of nearly $15bn, with Indian Prime Minister Narendra Modi seeking renewed purchases of Nigerian crude oil.
According to a statement issued on Monday by the Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, the commitment followed a bilateral meeting between Vice President Kashim Shettima and Modi on the sidelines of the just-concluded BRICS Leaders’ Summit in New Delhi.
The statement said bilateral trade between the two countries stood at about $14.95bn in the 2021–2022 financial year before declining largely as a result of reduced Indian purchases of Nigerian crude.
It added that trade fell to $7.13bn in 2024–2025 but recovered to about $9bn in 2025–2026, according to figures disclosed by the Indian High Commissioner to Nigeria, Abhishek Singh. Modi made a case for renewed crude purchases from Nigeria, saying stronger energy trade could help return commercial exchanges between both countries to previous levels.
