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Nigeria and India $15bn trade plans are gaining attention as both countries work to strengthen their economic relationship. They are looking to increase cooperation in areas such as oil, investment, technology and healthcare.
The latest talks followed a meeting between Vice President Kashim Shettima and Indian Prime Minister Narendra Modi on Monday during the 18th BRICS Summit in New Delhi. The summit took place from September 12 to 13, 2026, with Nigeria taking part as a BRICS partner country.
During the meeting, Modi called for India to increase its purchases of Nigerian crude oil as both countries work to grow trade. They also discussed cooperation in pharmaceuticals, defence, digital technology, healthcare, renewable energy, financial technology and the creative industries.
According to figures shared after the meeting between Vice President Kashim Shettima and Prime Minister Narendra Modi, trade between the two countries reached about $14.95 billion in the 2021/2022 financial year. It later dropped to $7.13 billion in 2024/2025 after India reduced its purchases of Nigerian crude oil.
Trade improved to about $9 billion in the 2025/2026 financial year. Both countries are now looking for ways to increase trade again and move closer to the $15 billion target.
Nigeria and India $15bn trade
Vice President Kashim Shettima said Nigeria wants to build a stronger relationship with India beyond the trade of raw materials. Nigeria faces challenges in providing reliable electricity, while India has experience with large energy and renewable power projects. The two countries could work together through investment, technical knowledge and skills development
He also said that Nigeria is looking for partnerships that can improve its digital economy, develop skills and attract more investment in technology
The focus is on sectors that can create jobs for Nigeria’s young population. India’s digital expertise could also strengthen cooperation.
Nigeria and India $15bn trade talks also covered fintech and digital development. Both countries want to use technology to create jobs, build skills and support businesses.
The Nigeria-India relationship also includes social and economic development. Minister of Women Affairs Imaan Sulaiman-Ibrahim said Nigeria is learning from India’s women-led self-help groups.
The model is being used in the Nigeria for Women Programme Scale-Up through Women Affinity Groups.The groups help connect women with finance, skills and markets.
The initiative is part of efforts to help more women take part in economic activities and support vulnerablec communities.
The two governments also agreed to continue strong political and economic cooperation through bilateral talks, the India-Africa partnership and other international platforms.
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