The Pacesetter Frontier Magazine

Tag: Summit

  • Nigeria India Target $15bn Trade Revival as Modi Pushes for More Crude Imports

    Nigeria India Target $15bn Trade Revival as Modi Pushes for More Crude Imports

    Precious Nwonu, Enugu

    Nigeria and India have agreed to work towards restoring bilateral trade to its previous peak of nearly $15 billion, with Indian Prime Minister Narendra Modi calling for renewed crude oil purchases from Nigeria.

    The agreement was reached during a meeting between Vice President Kashim Shettima and Modi on the sidelines of the BRICS Leaders’ Summit in New Delhi.

    Bilateral trade between the two countries has declined significantly in recent years, falling from $14.95 billion in the 2021–2022 financial year to $7.13 billion in 2024–2025, largely due to a reduction in India’s crude oil purchases from Nigeria.

    Trade later increased to about $9 billion in 2025–2026.

    During the meeting, Modi emphasised the importance of rebuilding energy trade as part of efforts to return commercial relations between both countries to previous levels.

    Shettima assured the Indian Prime Minister that President Bola Tinubu’s administration would consider India’s request for increased crude oil purchases from Nigeria.

    Beyond crude oil, the Vice President stressed the need for both countries to deepen economic cooperation by moving beyond traditional commodity trade.

    He said Nigeria was interested in attracting investments that would support local manufacturing, create employment opportunities and promote technology transfer, particularly for the country’s young population.

    Nigeria and India also identified fintech, digital public infrastructure and the creative industry as areas for stronger collaboration.

    The two countries further agreed to explore partnerships in defence technology, power generation and clean energy, while promoting investment in pharmaceuticals, healthcare and capacity development.

    On the social development front, the Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim, said Nigeria was drawing from India’s women-led self-help group model through the Nigeria for Women Programme Scale-Up.

    She said the initiative uses Women Affinity Groups to promote financial inclusion, grassroots businesses and social protection.

    According to the minister, the programme forms part of Nigeria’s broader efforts to build an economy valued at $1 trillion.

  • Shettima Leads Nigeria’s BRICS Engagement in India

    Shettima Leads Nigeria’s BRICS Engagement in India

    Precious Nwonu, Enugu

    Vice President Kashim Shettima has arrived in New Delhi, India, to represent President Bola Tinubu at the 18th BRICS Leaders’ Summit as Nigeria seeks to strengthen economic, trade and diplomatic ties with countries within the bloc.

    The summit, which is being held under the theme, “Building Resilience, Innovation, Cooperation and Sustainability,” is expected to provide Nigeria with opportunities to attract investment and expand cooperation in key areas of the economy.

    Shettima is leading a Nigerian delegation that includes the Minister of Foreign Affairs, Bianca Odumegwu-Ojukwu; Minister of Industry, Trade and Investment, Jumoke Oduwole; Minister of Communications, Innovation and Digital Economy, Bosun Tijani; and Minister of Environment, Balarabe Abbas Lawal.

    Ahead of the summit, Odumegwu-Ojukwu said Nigeria would use its participation to pursue new partnerships and investment opportunities in agriculture, technology, artificial intelligence, trade and the digital economy.

    She said Nigeria was particularly interested in learning from India’s experience in using technology and artificial intelligence to create opportunities for its large youth population.

    “India is firm in its expertise in agriculture and, of course, even in the digital economy. In fact, prior to this, we had a session dealing with women in the digital economy and artificial intelligence, and we are leveraging India’s greatest strength, which is in the engagement of its youth population,” she said.

    Oduwole also said the Federal Government was seeking to strengthen Nigeria’s trade relationship with India, which she said had previously reached about $14 billion.

    According to the minister, major Indian investors had expressed interest in meeting with the Nigerian delegation, while Nigeria also maintains significant trade relationships with other BRICS countries.

    “And so, deepening those relationships will further strengthen the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration. India used to buy Nigerian oil quite a lot, so we are looking at how to expand that with everything going on in the world,” Oduwole said.

    At the summit, Shettima is expected to join leaders of BRICS member and partner countries and representatives of invited international organisations for discussions on global growth, resilience, innovation and sustainable development.

    The Vice President is also expected to hold bilateral meetings aimed at advancing Nigeria’s interests in trade, investment, agriculture, technology and industrial development.

    Nigeria became a BRICS partner country in January 2025, providing the country with an additional platform to strengthen South-South cooperation and deepen engagement with major emerging economies.

    The Nigerian delegation will also participate in the BRICS open session and other activities scheduled alongside the summit.