Nigeria, India Move to Rebuild Trade as Modi Seeks More Nigerian Crude
Nigeria and India are working to rebuild their economic relationship and return bilateral trade to its previous high of almost $15 billion.
The issue came up during a meeting between Vice President Kashim Shettima and Indian Prime Minister Narendra Modi on the sidelines of the BRICS summit in New Delhi.
Trade between both countries reached about $14.95 billion in 2021–2022, but later fell to $7.13 billion in 2024–2025. It recovered to about $9 billion in 2025–2026.
India is particularly interested in increasing its purchases of Nigerian crude oil.
But the discussions are not limited to oil. Both countries are also looking at opportunities in fintech, digital infrastructure, manufacturing, healthcare, pharmaceuticals, clean energy and the creative economy.
Nigeria is also seeking more Indian investment that can create jobs and support local manufacturing.
Monafrika’s Take
Nigeria cannot continue to depend mainly on selling crude oil. If the relationship with India grows, Nigeria should push for technology transfer, manufacturing, jobs and investment, not just another crude-oil market.
The real success will be measured by what Nigeria produces, not only what it exports.
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