Nigeria and India have agreed to deepen their 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. The commitment followed a bilateral meeting between Vice President Kashim Shettima and Indian Prime Minister Narendra Modi on the sidelines of the just-concluded BRICS Leaders' Summit in New Delhi. 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, dropping to $7.13 billion in 2024-2025 but recovering to about $9 billion in 2025-2026. According to a statement by the spokesman of Nigeria's Vice President, Stanley Nkwocha, Prime Minister Modi made a case for renewed crude purchases from Nigeria, saying stronger energy trade could boost the relationship.
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