The Federal Government of Nigeria and the Government of India have agreed to deepen the two nations’ economic ties and work towards restoring their bilateral trade to its previous high value of nearly $15 billion.
A statement issued on Monday by the Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, indicated that the commitment followed a bilateral meeting between Vice President Kashim Shettima and the Indian Prime Minister Narendra Modi, on the sidelines of the just-concluded BRICS Leaders’ Summit in New Delhi.
The bilateral trade between the two countries stood at about $14.95bn in the 2021–2022 financial year before declining due to reduction in India’s purchases of Nigerian crude oil.
Nkwocha stated that based on data provided by the Indian High Commissioner to Nigeria, Abhishek Singh, the bilateral trade value fell to $7.13bn in 2024–2025 but recovered to about $9bn in 2025–2026, according
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He quoted the Prime Minister as making a case for renewing his country’s crude oil purchases from Nigeria, stressing that stronger energy trade could help return commercial exchanges between both countries to previous levels.
Responding to the Envoy’s remarks, Shettima promised that the “Federal Government 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 Vice President identified pharmaceuticals, defence, digital technology and the creative industries as areas of particular interest to Nigeria, harping on the need for partnerships that create jobs, transfer skills and open opportunities for the country’s large youth population.
The two leaders also discussed about broader cooperation in renewable and clean energy, power, healthcare, capacity building, financial technology and other emerging sectors.
Shettima maintained that the President Tinubu-led administration was particularly interested in moving Nigeria’s relationship with India beyond the traditional exchange of commodities towards investments that would support domestic production and value addition.
The Indian High Commissioner also thanked the Nigerian government for hospitality towards the Indians living and doing business in the country.
Following their discussions, which also covered greater collaboration in fintech and digital technological areas, the two 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.
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.
The two leaders also expressed their governments’ commitment to sustaining high-level political and economic engagement, including through the India-Africa partnership framework and other multilateral platforms.
