Nigeria, India Seek To Restore Bilateral Trade
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 commitment 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 the two countries fell from fourteen point nine-five billion dollars in the 2021–2022 financial year to seven point one-three billion dollars in 2024–2025, largely due to a decline in India’s crude oil purchases from Nigeria.
Modi stressed the importance of restoring energy trade as part of efforts to return bilateral commercial exchanges to previous levels.
Shettima assured him that President Bola Ahmed Tinubu’s administration would review India’s request to resume crude oil purchases.
