Nigeria, India Move to Deepen Trade, Investment Ties

Nigeria and India have pledged to strengthen bilateral trade and economic cooperation following a meeting between Vice President Kashim Shettima and Indian Prime Minister Narendra Modi on the sidelines of the BRICS Summit in New Delhi, India.

The two leaders discussed opportunities to expand cooperation across critical sectors, including oil and gas, renewable and clean energy, defence, power, technology, healthcare and capacity building.

During the meeting, Modi expressed appreciation to Nigeria for peacefully hosting and protecting about 80,000 Indian nationals residing in the country.

The Indian Prime Minister also called for the resumption of crude oil purchases from Nigeria, saying the move would help strengthen bilateral trade between both countries.

Modi noted that trade between Nigeria and India had declined from about $14 billion annually to approximately $9 billion in recent years.

Responding to the request, Shettima said the Nigerian government would look into the matter, while identifying pharmaceuticals, defence, the creative industry and digital technology as areas of strategic importance to Nigeria.

The Vice President said President Bola Ahmed Tinubu remained committed to developing these sectors through foreign investment and strategic partnerships.

According to him, such partnerships would help create opportunities, expand economic activities and improve the livelihoods of millions of Nigerian youths.