Nigeria and India are looking to rebuild their trade to its previous status of about $15 billion, with Indian Prime Minister, Narendra Modi calling for renewed purchases of Nigeria’s crude oil as the two nations move to deepen economic collaboration.
The renewed efforts followed a bilateral trade meeting between Vice President Kashim Shettima and Modi on the background of the just-concluded BRICS Leaders’ Summit in New Delhi.
Modi made a case for renewed crude oil purchases from Nigeria, during the meeting, arguing that stronger energy trade could help restore bilateral commercial exchanges to their initial positions.
Responding, Shettima said Nigeria would examine the request as part of the administration of President Bola Ahmed Tinubu’s broader strategy to attract investment and forge strategic partnerships capable of expanding the country’s productive capacity.
The Vice President also identified pharmaceuticals, defence, digital technology and the creative industries as areas of priority for deeper Nigerian-Indian cooperation.
He emphasized that future partnerships must go beyond traditional commodity exchanges to generate jobs, facilitate technology and transfer of skills and create opportunities for Nigeria’s growing youth population.
Shettima also added that the administration of President Tinubu is particularly interested in restrengthening Nigeria’s relationship with India on investments that promote domestic production, industrialisation and value addition.
The two nation also discussed expanded cooperation in renewable and clean energy, power, healthcare, capacity building, financial technology and other emerging sectors.
The renewed economic engagement develops on a longstanding relationship between the two countries, with crude oil historically accounting for a significant share of India’s imports from Nigeria.
In another development on the sidelines of the 18th BRICS Summit, the Chinese President, Xi Jinping received in audience the Director General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala.
During the meeting, President Xi and the WTO Director-General discussed on China’s role and support for the reforms of the WTO.
Dr Okonjo-Iweala added that President Xi emphasized the importance to global trade for a reformed and well-functioning multilateral trading system and China’s support.
