India Seeks Renewed Nigerian Crude Oil Purchases as Shettima, Modi Agree to Deepen Economic Ties
By Nafiu Muhammad Lema
Nigeria and India have agreed to deepen their strategic economic relationship, with India seeking renewed purchases of Nigerian crude oil as both countries work to restore bilateral trade to its previous high of nearly $15 billion.
Vice President Kashim Shettima disclosed this after holding a bilateral meeting with Indian Prime Minister Narendra Modi on the sidelines of the just-concluded BRICS Leaders’ Summit in New Delhi.
Shettima said the meeting resulted in an agreement to strengthen economic ties between both countries.
“The outcome of the meeting is an agreement to deepen our 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,” he said.
According to Shettima, “Bilateral trade between both countries stood at about $14.95 billion in the 2021–2022 financial year before declining, largely as a result of reduced Indian purchases of Nigerian crude.”
The trade volume fell to $7.13 billion in 2024–2025 but recovered to about $9 billion in 2025–2026, according to figures disclosed by the Indian High Commissioner to Nigeria, Abhishek Singh.
The Vice President said the renewed Indian interest in Nigerian crude oil provides an opportunity for both countries to expand trade and strengthen their long-standing economic partnership.
He added that the recovery in trade was encouraging, noting that “bilateral trade recovered to about $9 billion in 2025–2026.”
The meeting with Modi was part of Shettima’s engagements at the BRICS Summit aimed at strengthening Nigeria’s international economic partnerships and advancing opportunities for trade and investment.
Nigeria and India have maintained longstanding economic relations, with crude oil forming a major component of their bilateral trade.
