India To Resume Buying Nigerian Crude As Shettima, Modi Agree To Revive $15bn Trade

India is set to renew purchases of Nigerian crude oil as Nigeria and India move to strengthen their strategic economic relationship and revive bilateral trade that once reached nearly $15 billion.

Vice President Kashim Shettima disclosed this after holding a bilateral meeting with Indian Prime Minister Narendra Modi on the sidelines of the recently concluded BRICS Leaders’ Summit in New Delhi.

According to Shettima, both countries agreed to deepen economic cooperation, with India seeking renewed purchases of Nigerian crude as part of efforts to rebuild bilateral trade. Trade between the two countries reached about $14.95 billion in the 2021–2022 financial year.

However, bilateral trade later declined, largely due to reduced Indian purchases of Nigerian crude. It fell to about $7.13 billion in 2024–2025 before recovering to approximately $9 billion in 2025–2026, according to figures disclosed by Indian High Commissioner to Nigeria, Abhishek Singh.

The renewed crude oil purchases are expected to strengthen economic ties between both countries and support efforts to return bilateral trade closer to its previous peak. Shettima said the agreement reflects Nigeria’s broader push to deepen strategic partnerships and expand economic opportunities.