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India is pushing for more crude from Nigeria after Vice President Kashim Shettima and Indian Prime Minister Narendra Modi pledged to strengthen bilateral trade and investment relations following high-level discussions on the sidelines of the BRICS Summit in New Delhi.
The meeting focused on expanding cooperation across strategic sectors, including oil and gas, renewable energy, power, defence, technology, healthcare, and capacity development, as both countries seek to deepen economic engagement.
The development was disclosed in a statement issued by Stanley Nkwocha, Senior Special Assistant to the Vice President on Media and Communications, and shared via X on Sunday.
What they are saying
During the meeting, Prime Minister Modi expressed appreciation to the Nigerian government for providing a peaceful environment for the estimated 80,000 Indian nationals residing and working in the country.
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He also called for more crude oil purchases from Nigeria as part of efforts to boost bilateral trade between both nations.
According to the statement, Modi noted that trade volumes between Nigeria and India have declined significantly in recent years, falling from about $14 billion annually to approximately $9 billion.
Responding, Vice President Shettima assured the Indian leader that Nigeria would consider the request while emphasizing sectors that remain critical to the country’s economic development agenda.
Shettima identified pharmaceuticals, defence, digital technology, and the creative economy as areas where Nigeria is seeking increased foreign investment and strategic partnerships.
- “President Bola Tinubu remains committed to developing these sectors through foreign investment and strategic partnerships, with the broader goal of creating jobs and improving the livelihoods of millions of Nigerian youths,” the statement quoted the Vice President as saying.
Both leaders agreed to strengthen collaboration across key industries as part of broader efforts to expand economic opportunities and boost trade flows between the two countries.
Get up to speed
Economic relations between Nigeria and India have continued to evolve, with both countries pursuing new investment and trade opportunities.
- Last month, India’s Hindustan Petroleum Corporation (HPCL) purchased two million barrels of Nigeria’s Utapate and Okwuibome crude grades for delivery in late September, highlighting sustained demand for Nigerian crude in the Asian market.
- According to Reuters, the cargoes were acquired from commodities trader Glencore through a tender process conducted for HPCL Rajasthan Refinery Limited (HRRL), which operates a 180,000 barrels-per-day refinery in Rajasthan.
- Earlier this year, Nigeria also signed a $1 billion investment agreement with Indian steel manufacturer Rashmi Metaliks Group to support local steel production and strengthen the country’s industrial base.
The Federal Government said the deal forms part of wider efforts to reduce dependence on imported steel products while attracting long-term investments into Nigeria’s manufacturing sector.
What you should know
The meeting comes as the 18th BRICS Summit in New Delhi concluded. President Bola Tinubu had called for deeper engagement between Nigeria and BRICS member countries.
- Speaking through Vice President Shettima, Tinubu urged BRICS nations to expand cooperation in areas such as artificial intelligence, digital public infrastructure, fintech, telecommunications, critical minerals, advanced manufacturing, and industrial development.
- The President said Nigeria views its partnership with BRICS as an opportunity to attract investment, facilitate technology transfer, develop human capital, and strengthen South-South cooperation.
Nigeria officially became a BRICS partner country in January 2025 following its admission under Brazil’s presidency of the bloc. Since then, the Federal Government has increasingly positioned BRICS engagement as part of its strategy to drive economic transformation, industrialisation, and sustainable growth.
