Nigeria, India Move to Revive $15bn Bilateral Trade

Nigeria and India are taking steps to revive bilateral trade between both countries, with efforts underway to return trade relations to the levels recorded during their previous peak.

The two countries have identified opportunities to deepen economic cooperation and strengthen commercial ties across key sectors, including energy, manufacturing, agriculture, pharmaceuticals and investment.

Bilateral trade between Nigeria and India had previously risen to almost $15bn, reflecting the strong economic relationship between the two countries. However, trade volumes declined significantly in recent years, falling to about $7.13bn in 2024–2025 before recovering to approximately $9bn.

The decline has prompted both countries to explore measures aimed at rebuilding trade and expanding areas of mutual economic benefit.

India remains an important economic partner for Nigeria, particularly in the energy sector. Nigerian crude oil has historically been a major component of trade between both countries, while Indian companies have maintained interests in Nigeria across several sectors.

Nigeria is also seeking to attract more Indian investment into its economy as the Federal Government continues efforts to diversify the country’s sources of foreign investment and strengthen non-oil sectors.

The renewed push is expected to focus on increasing the volume and value of goods and services exchanged between both countries while creating more opportunities for businesses.

Officials from both countries have stressed the importance of improving trade facilitation and addressing challenges that have affected bilateral commerce.

The Nigerian government is also looking to leverage India’s expertise in areas such as technology, healthcare, pharmaceuticals, manufacturing and agriculture to support domestic economic development.

For India, stronger economic relations with Nigeria provide opportunities to expand its presence in Africa’s largest economy and secure access to strategic resources.

Nigeria’s large population and growing consumer market also present opportunities for Indian companies seeking to expand their operations and investments on the continent.

With trade already showing signs of recovery, both countries are expected to intensify discussions aimed at increasing bilateral commerce.

The renewed engagement comes as Nigeria continues to pursue stronger international economic partnerships and attract investments capable of supporting job creation, industrial growth and economic diversification.

Officials are optimistic that stronger cooperation between Nigeria and India could help restore bilateral trade to its former $15bn level and potentially surpass it in the coming years.