India has called on Nigeria to resume crude oil purchases as both countries seek to reverse a decline in bilateral trade, which has dropped from about $14 billion annually to approximately $9 billion in recent years.
Indian Prime Minister Narendra Modi made the call during a meeting with Vice President Kashim Shettima on the sidelines of the BRICS Summit in New Delhi, India.
Modi said resuming crude oil purchases from Nigeria would help strengthen economic relations and boost trade between both countries.
He also thanked Nigeria for peacefully hosting and protecting about 80,000 Indian nationals residing in the country.
In response, Shettima assured the Indian leader that Nigeria would look into the request, while identifying pharmaceuticals, defence, the creative industry and digital technology as strategic areas where both countries could deepen cooperation.
The Vice President said President Bola Tinubu’s administration is committed to attracting foreign investment and strategic partnerships to develop these sectors and create more opportunities for Nigerian youths.
The two leaders also discussed expanding cooperation in oil and gas, renewable and clean energy, defence, power, technology, healthcare and capacity building.
The meeting comes as Nigeria and India seek to strengthen their longstanding economic partnership and expand trade and investment opportunities across critical sectors.
