India is seeking to increase crude oil imports from Nigeria as both countries move to deepen trade and investment ties following high-level talks between Vice President Kashim Shettima and Indian Prime Minister Narendra Modi.

The discussions, held on the sidelines of the BRICS Summit in New Delhi, focused on expanding economic cooperation across key sectors, including oil and gas, renewable energy, power, defence, technology, healthcare and capacity development.

The two leaders pledged to strengthen bilateral relations and explore new opportunities for investment and trade, with energy emerging as a major area of potential cooperation.

This was disclosed in a statement issued by Stanley Nkwocha, Senior Special Assistant to the Vice President on Media and Communications, and shared via X on Sunday.

The Prime Minister Modi commended the Nigerian government for creating a peaceful environment for the estimated 80,000 Indian nationals living and working in the country.

He also called for India to increase its crude oil purchases from Nigeria as part of efforts to strengthen trade ties between the two countries.

According to the statement, Modi noted that bilateral trade had declined significantly in recent years, falling from about $14bn annually to approximately $9bn.

In response, Vice President Shettima said Nigeria would consider the request, while pointing to sectors that are central to the country’s economic development plans.

He listed pharmaceuticals, defence, digital technology and the creative economy among the areas where Nigeria is seeking greater foreign investment and strategic partnerships.

“President Bola Tinubu remains committed to developing these sectors through foreign investment and strategic partnerships, with the broader goal of creating jobs and improving the livelihoods of millions of Nigerian youths,” the statement quoted the Vice President as saying.

Both leaders agreed to strengthen collaboration across key industries as part of broader efforts to expand economic opportunities and boost trade flows between the two countries.