Nigeria and India have agreed to work towards restoring bilateral trade to its previous peak of nearly $15 billion, with India seeking to resume stronger crude oil purchases from Nigeria.
The agreement was reached during a bilateral meeting between Vice President Kashim Shettima and Indian Prime Minister Narendra Modi on the sidelines of the BRICS Leaders’ Summit in New Delhi.
Trade between both countries declined from $14.95 billion in 2021/2022 to $7.13 billion in 2024/2025, largely due to a drop in India’s crude oil purchases from Nigeria.
It, however, recovered to about $9 billion in 2025/2026.
Modi stressed the need to restore energy trade to boost bilateral commercial exchanges, while Shettima assured him that President Bola Tinubu’s administration would review India’s request to resume crude oil purchases.
Shettima said Nigeria was also seeking to move beyond commodity trade by attracting investments that would promote local manufacturing, create jobs and facilitate technology transfer.
He said both countries would strengthen cooperation in fintech, digital public infrastructure, creative industries, defence technology, power generation, clean energy, pharmaceuticals, healthcare and capacity building.
The Vice President also called for reforms of global governance structures and international financial institutions to reflect current economic and demographic realities.
“Nigeria supports a more representative, equitable and responsive global governance architecture, including reform of the United Nations Security Council and the international financial system,” he said.
Shettima said BRICS provided an opportunity to amplify the voice of the Global South and promote a more inclusive international order.
He also urged BRICS countries to move from dialogue to measurable outcomes, stressing Nigeria’s position as a gateway to Africa’s market under the African Continental Free Trade Area (AfCFTA).
“We welcome deeper BRICS cooperation in artificial intelligence, digital public infrastructure, fintech, telecommunications, cybersecurity, biotechnology and advanced manufacturing,” he said.
“A nation that owns no technology risks renting its future,” he added.
On women’s economic empowerment, Minister of Women Affairs, Imaan Sulaiman-Ibrahim, said Nigeria was adapting India’s women-led self-help group model through the Nigeria for Women Programme Scale-Up.
She said the programme uses Women Affinity Groups to promote financial inclusion, grassroots enterprise and social protection.
Earlier, Modi said BRICS thrived on diversity and inclusion, noting the importance of empowering entrepreneurs, farmers, researchers, women and youths.
“We may be rooted in different realities, but together, we rise through cooperation and blossom for humanity,” he said.
