Nigeria, India aim to rebuild trade to $15bn as crude talks resume

Nigeria and India are trying to rebuild trade to nearly $15bn, with crude oil purchases back at the centre of the talks between both countries.

The push followed a meeting between Vice President Kashim Shettima and Indian Prime Minister Narendra Modi on the sidelines of the BRICS Leaders’ Summit in New Delhi. Reports from Channels Television, Vanguard and Punch said both sides linked the trade reset to energy, defence, pharmaceuticals, digital technology, fintech, renewable energy and the creative sector.

The trade figures show why the talks matter. Bilateral trade stood at about $14.95bn in the 2021-2022 financial year before falling to $7.13bn in 2024-2025, largely because India bought less Nigerian crude. It later recovered to about $9bn in 2025-2026.

India is one of Nigeria’s long-running energy customers, and the latest discussion is aimed at restoring stronger oil purchases while widening business beyond crude. The reports said officials also discussed defence cooperation, digital public infrastructure, pharmaceuticals and renewable energy.

Nigeria’s side presented the meeting as part of a wider bid to attract investment and deepen trade with large emerging economies. India, meanwhile, signalled interest in getting energy trade back to previous levels while keeping other commercial channels open.

Sources: Channels Television, Vanguard, Punch