Nigeria and India are seeking to restore bilateral trade to its previous peak of nearly $15 billion, with Indian Prime Minister Narendra Modi calling for stronger crude oil purchases from Nigeria.

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

Trade between Nigeria and India reached $14.95 billion in 2021–2022 before falling to $7.13 billion in 2024–2025, largely due to a decline in India’s crude oil purchases from Nigeria. The figure later recovered to about $9 billion in 2025–2026.

Modi emphasised the importance of restoring energy trade as both countries work to rebuild their commercial relationship.

Shettima assured the Indian prime minister that President Bola Ahmed Tinubu’s administration would review India’s request to resume stronger crude oil purchases from Nigeria.

Beyond oil, both sides agreed to deepen cooperation in fintech, digital public infrastructure and the creative industries.

They also identified opportunities in defence technology, power generation, clean energy, pharmaceuticals, healthcare and capacity building.

Shettima said Nigeria wanted to move beyond traditional commodity exports by attracting investments that would support local manufacturing, create jobs and promote technology transfer, particularly for the country’s young population.

The discussions also covered women’s economic empowerment. Minister of Women Affairs, Imaan Sulaiman-Ibrahim, said Nigeria was 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 ambition to build a $1 trillion economy.

The meeting signals renewed efforts by both countries to expand trade beyond crude oil while strengthening investment and economic cooperation.