Nigeria-India Trade Hits $9bn as Economic Ties Expand Beyond Oil
Nigeria’s trade relationship with India has continued to grow, with bilateral trade rising to about $9 billion in the 2025–2026 financial year, representing a 26 per cent increase from the previous year.
The Indian High Commissioner to Nigeria, Abishek Singh, disclosed this on Wednesday in Abuja, saying trade between both countries increased significantly from the $7.13 billion recorded in the 2024–2025 financial year.
Singh also revealed that about 200 Indian companies operating in Nigeria have created approximately 100,000 jobs, making Indian businesses the second-largest employers of Nigerians after the Federal Government.
He said the growing economic relationship between the two countries was no longer limited to crude oil and other traditional areas of trade, but had expanded to sectors including investment, technology, healthcare, security, energy and agriculture.
“Very happy to report that the trade for the financial year 2025–26 stands at around US$9 billion, which is up from US$7.13 billion in the financial year 2024–25,” Singh said.
According to him, Nigeria and India have maintained longstanding relations built on anti-colonial solidarity, South-South cooperation and mutual support for the interests of developing countries.
Singh described the current relationship as a “multidimensional partnership” that is creating stronger economic links between India and Nigeria.
He also disclosed that India had provided Nigeria with $395 million in concessional lines of credit, alongside various capacity-building programmes under the Indian Technical and Economic Cooperation initiative.
India supplies 40% of Nigeria’s pharmaceutical imports
India’s Deputy High Commissioner to Nigeria, Vertika Rawat, highlighted the growing importance of healthcare cooperation between the two countries.
Rawat said pharmaceutical exports from India to Nigeria reached $315 million in the 2024–2025 financial year, accounting for more than 40 per cent of Nigeria’s total pharmaceutical imports.
“India today supplies roughly 40 per cent of Nigeria’s pharmaceutical imports, and for certain categories of medicine over 90 per cent,” she said.
She added that the partnership was not only about supplying affordable medicines but also creating opportunities for pharmaceutical manufacturing within Nigeria.
Rawat said Nigeria could also learn from India’s experience in expanding health insurance coverage as the country works towards achieving universal healthcare.
The latest figures underline the growing economic importance of Nigeria-India relations, with both countries increasingly exploring opportunities beyond the traditional oil-based trade relationship.
