By Ikugbadi Oluwasegun
Nigeria and India have agreed to deepen their strategic economic relationship, with India seeking renewed purchase of Nigerian crude oil.
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.
The Bilateral trade between both countries stood at about 14.95 billion dollars in the 2021- 2022 financial year before declining largely as a result of reduced Indian purchase of Nigerian crude, dropping to 7.13 billion dollars in 2024–2025 but recovered to about 9 billion dollars in 2025–2026.
Vice President Kashim Shettima said Nigeria would examine the request as part of broader efforts by President Tinubu’s administration to attract investment and build strategic partnerships capable of expanding the country’s production capacity.
The two leaders also discussed expanded cooperation in renewable and clean energy, power, healthcare, capacity building, financial technology and other emerging sectors.
The renewed push builds on a longstanding economic relationship in which crude oil has historically accounted for a significant share of India’s imports from Nigeria.
Prime Minister Modi also expressed appreciation for Nigeria’s hospitality towards the sizeable Indian community living and doing business in the country.
