Shettima, Modi Push Nigeria-India Trade Towards $15bn as Vice President Returns

Vice President Kashim Shettima has returned to Nigeria after high-level talks with Indian Prime Minister Narendra Modi that placed a $15 billion trade ambition at the centre of efforts to reset Nigeria-India economic relations.

The discussions took place on the sidelines of the 18th BRICS Leaders’ Summit in New Delhi, where Shettima represented President Bola Tinubu and used Nigeria’s participation to pursue stronger commercial, investment and strategic ties with India.

India’s interest in renewing purchases of Nigerian crude featured prominently in the discussions, alongside efforts to expand bilateral commerce beyond the traditional oil trade.

The two countries also explored cooperation in pharmaceuticals, defence, fintech, digital technology, renewable energy and other sectors capable of widening the commercial relationship between both economies.

The engagement comes against the backdrop of Nigeria’s broader effort to attract foreign capital, increase productive investment and reduce its dependence on a narrow range of commodity exports.

Crude oil remains central to Nigeria’s export earnings, but the economic strategy under the Tinubu administration increasingly places emphasis on manufacturing, agriculture, technology, healthcare, infrastructure and other sectors capable of creating domestic value.

India offers a potentially significant partner in that strategy.

Its large industrial base, expanding technology ecosystem and substantial energy requirements give Nigeria an opportunity to deepen trade while also pursuing investment, technical partnerships and industrial cooperation.

A stronger Nigeria-India relationship could therefore extend beyond higher export receipts. Indian companies establishing production facilities, technology partnerships or supply-chain operations in Nigeria could contribute to employment, skills development and greater domestic industrial capacity.

That distinction matters because an increase in trade does not automatically translate into economic transformation.

A relationship dominated by the shipment of raw commodities would leave much of the value chain outside Nigeria. A more productive partnership would see Nigeria attract capital and technology while increasing the share of goods and services it exports with greater domestic value added.

Shettima’s BRICS mission was designed around that broader economic diplomacy.

At the summit, he presented Nigeria as a strategic gateway to Africa’s expanding consumer market through the African Continental Free Trade Area, effectively pitching the country not only as a destination for investment but also as a platform from which businesses can reach markets across the continent.

The Presidency said the Vice President’s engagements covered agriculture, artificial intelligence, digital infrastructure, manufacturing, healthcare, energy and human-capital development.

Those sectors are increasingly important in the global competition for investment. Governments are no longer competing solely for financial capital; they are also seeking technology, manufacturing capacity, resilient supply chains and access to new markets.

Nigeria’s ability to convert the diplomatic momentum into investment will depend heavily on domestic economic conditions.

Infrastructure, regulatory efficiency, policy consistency, access to foreign exchange and the overall cost of doing business remain critical factors in determining whether international companies move from discussions to actual commitments.

Shettima also used the BRICS platform to push President Tinubu’s call for reforms to global governance and international financial institutions, arguing for a system that gives developing economies greater representation in global economic decision-making.

His meeting with World Trade Organisation Director-General Ngozi Okonjo-Iweala reinforced Nigeria’s commitment to multilateral economic engagement.

BRICS itself is expanding discussions around trade cooperation, local-currency transactions and cross-border payment systems, reflecting a wider push among emerging economies to reduce some of the structural limitations of the existing global financial architecture.

Nigeria’s immediate challenge, however, is turning diplomatic engagement into measurable economic outcomes.

The $15 billion trade ambition provides a clear benchmark. Its significance will ultimately depend on whether it is accompanied by higher Nigerian exports, renewed crude sales, increased Indian investment, technology partnerships and deeper industrial links between the two economies.