NEW DELHI, INDIA — India is set to resume the purchase of Nigerian crude oil as Nigeria and India seek to strengthen bilateral economic relations and restore trade ties that once reached nearly $15 billion.
Vice President Kashim Shettima disclosed this after a bilateral meeting with Indian Prime Minister Narendra Modi on the sidelines of the recently concluded BRICS Leaders’ Summit in New Delhi.
Shettima said both countries agreed to deepen economic cooperation, with India expressing interest in renewing its purchases of Nigerian crude as part of broader efforts to rebuild bilateral trade.
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Trade between Nigeria and India peaked at approximately $14.95 billion in the 2021–2022 financial year, but subsequently declined, largely due to a reduction in Indian purchases of Nigerian crude oil.
The volume of bilateral trade fell to about $7.13 billion in 2024–2025 before recovering to approximately $9 billion in 2025–2026, according to figures previously disclosed by the Indian High Commissioner to Nigeria, Abhishek Singh.
The planned resumption of crude oil purchases is expected to provide fresh momentum to economic relations between the two countries and help move bilateral trade closer to its previous peak.
Shettima said the agreement forms part of Nigeria’s broader strategy to strengthen strategic partnerships, expand international trade and attract greater economic opportunities.
The renewed engagement also underscores the importance of energy cooperation between the two countries, with Nigeria seeking to leverage its crude oil resources while expanding its economic and commercial relationship with one of Africa’s largest trading partners.
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