India is seeking to restore Nigerian crude oil to a major position in its imports as both countries work to rebuild bilateral trade that once stood at almost $15 billion.
The development was reported by the The SUN, which said the issue featured prominently in discussions between Vice President Kashim Shettima and Indian Prime Minister Narendra Modi on the sidelines of the 18th BRICS Leaders’ Summit in New Delhi.
According to the report, Modi made a case for renewed Indian purchases of Nigerian crude as the two countries seek to reverse a significant decline in their commercial relationship and expand cooperation beyond traditional oil trade.
Bilateral trade, which peaked at $14.95 billion in the 2021/2022 financial year, dropped to $7.13 billion in 2024/2025, largely following a reduction in Indian purchases of Nigerian crude.
The figure, however, recovered to about $9 billion in 2025/2026, according to India’s High Commissioner to Nigeria, Abhishek Singh, indicating some improvement but still leaving trade well below its previous level.
Modi’s proposal therefore places energy cooperation at the centre of efforts to restore the relationship, with renewed Nigerian crude purchases potentially providing an immediate boost to bilateral commerce.
Shettima, however, made clear that Nigeria wants the relationship with India to evolve beyond crude exports, stressing the need for investments capable of expanding domestic production and creating employment.
He identified pharmaceuticals, defence, digital technology and the creative industry as priority areas, with emphasis on technology transfer, skills development and opportunities for Nigeria’s youthful population.
The two sides also discussed cooperation in renewable and clean energy, power, healthcare, fintech and capacity building, as Abuja seeks to transform the relationship from one dominated by commodity exchange into a broader investment partnership.
