- … Shettima seeks investment in pharmaceuticals, defence, digital technology
- …Countries eye deeper ties in fintech, renewable energy, creative industries
Nigeria and India have moved to rebuild their bilateral trade towards the $15 billion mark, with Indian Prime Minister Narendra Modi seeking renewed purchases of Nigerian crude oil as both countries pursue deeper economic and investment ties.
A statement issued on Monday by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, said the renewed push followed a bilateral meeting between Vice President Kashim Shettima and Modi on the sidelines of the just-concluded BRICS Leaders’ Summit in New Delhi, India.
India’s request for increased crude imports comes amid efforts by the two countries to reverse the decline in bilateral trade, which stood at $14.95 billion in the 2021/2022 financial year before falling sharply after India reduced its purchases of Nigerian oil.
Indian High Commissioner to Nigeria, Abhishek Singh, said trade between the two countries dropped to $7.13 billion in 2024/2025 before recovering to about $9 billion in the 2025/2026 financial year.
During the meeting with Shettima, Modi made a case for India to resume significant purchases of Nigerian crude, arguing that stronger energy trade could help restore commercial exchanges between the two countries to previous levels.
Responding, Shettima said Nigeria would examine the request as part of President Bola Ahmed Tinubu administration’s broader efforts to attract investments and build strategic partnerships capable of expanding the country’s productive capacity.
The Vice President, however, stressed Nigeria’s interest in moving the relationship beyond commodity trade to investments that would promote domestic production, value addition, job creation and technology transfer.
He identified pharmaceuticals, defence, digital technology, and the creative industries as priority areas where Nigeria sought stronger partnerships with India, particularly investments capable of creating jobs and opportunities for the country’s large youth population.
“The President Tinubu administration is particularly interested in moving Nigeria’s relationship with India beyond the traditional exchange of commodities towards investments that support domestic production and value addition”, Shettima said.
The two leaders also discussed opportunities for expanded cooperation in renewable and clean energy, power, healthcare, capacity building, financial technology and other emerging sectors.
Crude oil has historically accounted for a significant proportion of India’s imports from Nigeria, making energy trade a major component of the longstanding economic relationship between the two countries.
Both leaders agreed that stronger private-sector participation would be critical to the next phase of Nigeria-India economic relations, particularly in sectors where Indian businesses possess considerable expertise and where demand and investment opportunities in Nigeria remain substantial.
Discussions also focused on fintech and digital technology, building on the two countries’ rapidly expanding digital economies and previous agreements on digital public infrastructure.
Shettima said the Tinubu administration’s objective was to ensure that Nigeria’s international engagements produced tangible economic benefits through investments, industrial expansion, and technology transfer and job opportunities.
The Vice President said the administration was particularly interested in partnerships that would build skills and create opportunities for young Nigerians, rather than relationships centred primarily on exporting raw commodities.
Modi, on his part, expressed appreciation for Nigeria’s hospitality towards the sizeable Indian community living and doing business in the country.
Nigeria and India also reaffirmed their commitment to sustain high-level political and economic engagements through bilateral channels, the India-Africa partnership framework and other multilateral platforms.
Meanwhile, Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim, said Nigeria was adapting lessons from India’s women-led self-help group model to strengthen grassroots entrepreneurship and improve women’s access to finance.
She said the model was being incorporated into the Nigeria for Women Programme Scale-Up through Women Affinity Groups designed to connect women with finance, skills and markets.
According to her, the initiative forms part of the Federal Government’s broader strategy to increase women’s participation in productive economic activities while strengthening social protection and interventions against Sexual and Gender-Based Violence.
“Women’s economic empowerment is fundamental to our ambition of building a $1 trillion economy. We must deliberately bring millions more Nigerian women into productive economic activity”, Sulaiman-Ibrahim said.
SOURCE: The Nation Nigeria
