India is seeking to increase its purchases of Nigerian crude oil as Abuja and New Delhi move to strengthen trade and investment relations. The development followed a high-level meeting between Vice President Kashim Shettima and Indian Prime Minister Narendra Modi on the sidelines of the BRICS Summit in New Delhi, where both leaders discussed ways to expand economic cooperation.
Modi reportedly urged Nigeria to supply more crude oil to India, highlighting energy as a key area for boosting bilateral trade. He also noted that trade between both countries has dropped significantly in recent years, falling from about $14 billion annually to roughly $9 billion. The Indian Prime Minister also expressed appreciation for Nigeria’s support and the peaceful environment provided for the estimated 80,000 Indian nationals living and working in the country.
In response, Shettima said Nigeria would consider India’s request while calling for stronger Indian investment in sectors important to Nigeria’s economic growth. He highlighted pharmaceuticals, defence, digital technology and the creative economy as areas where Nigeria is looking for strategic partnerships and foreign capital. According to the Vice President, the Tinubu administration sees such partnerships as a pathway to job creation, economic expansion and improved livelihoods for millions of young Nigerians.
India’s renewed interest comes as demand for Nigerian crude continues to attract attention in the Asian market. In August, India’s Hindustan Petroleum Corporation purchased two million barrels of Nigeria’s Utapate and Okwuibome crude grades for September delivery. Nigeria has also secured a $1 billion investment agreement with Indian steel manufacturer Rashmi Metaliks Group, aimed at supporting local steel production and reducing dependence on imported steel products.
The latest discussions also align with Nigeria’s broader push to use its BRICS partnership to attract investment, technology and industrial development. President Bola Tinubu, represented by Shettima at the summit, called for deeper cooperation with BRICS countries in artificial intelligence, digital infrastructure, fintech, telecommunications, critical minerals and advanced manufacturing. With India seeking more Nigerian crude and Nigeria looking for investment beyond oil, the renewed engagement could provide both countries with an opportunity to rebuild trade volumes and create a stronger economic partnership.
