Nigeria, India pledge to revive $15bn trade, boost oil and tech ties
Vice President Kashim Shettima and Indian Prime Minister Narendra Modi met on the sidelines of the BRICS Leaders' Summit in New Delhi and agreed to work toward restoring Nigeria-India bilateral trade to its previous peak of nearly $15 billion. India specifically wants to resume stronger crude oil purchases from Nigeria, after trade fell from $14.95 billion in 2021-22 to $7.13 billion in 2024-25 before recovering to about $9 billion in 2025-26. Shettima said President Bola Ahmed Tinubu's administration will review India's request to restart oil imports.
Restoring crude oil sales could boost Nigeria's foreign-exchange earnings and government revenue at a time of oil-price volatility. Beyond energy, both sides pledged to deepen cooperation in fintech, digital public infrastructure, creative industries, defence technology, power generation, clean energy, pharmaceuticals, healthcare and capacity building. The Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim, said Nigeria is adapting India's women-led self-help group model through the Nigeria for Women Programme Scale-Up, using Women Affinity Groups to promote financial inclusion, grassroots enterprise and social protection as part of the nation's broader drive toward a $1 trillion economy.
These agreements could affect jobs, forex stability and opportunities for Nigerian youth and entrepreneurs. Will stronger oil sales to India and new partnerships in fintech, creative, defence and other sectors translate into more jobs, better foreign reserves and real prospects for your business or career?