Trade between Nigeria and India has grown significantly, reaching approximately $9 billion in the 2025–26 financial year, representing a 26 per cent increase from the $7.13 billion recorded the previous year.
The development comes amid growing investment by Indian companies in Nigeria, with economic cooperation expanding beyond traditional trade in oil and other commodities to manufacturing, pharmaceuticals, healthcare, energy, construction and technology.
The Indian High Commissioner to Nigeria, Abishek Singh, said more than 200 Indian companies are currently operating in the country and have collectively created close to 100,000 jobs.
He described Indian businesses as the second-largest employers of Nigerians after the Federal Government, highlighting their contribution to employment and economic activity.
A major feature of the expanding relationship is the increasing emphasis on local production. Several Indian companies have established or are developing manufacturing facilities in Nigeria, particularly in the pharmaceutical, power, construction, consumer goods and healthcare sectors.
The pharmaceutical industry has emerged as one of the strongest areas of cooperation.
India’s Deputy High Commissioner to Nigeria, Vertika Rawat, said India exported pharmaceutical products worth $315 million to Nigeria in 2024–25.
She noted that Indian pharmaceutical companies account for roughly 40 per cent of Nigeria’s pharmaceutical imports, while their share is above 90 per cent in certain categories of medicines.
Rawat also disclosed that Indian investment in pharmaceutical manufacturing in Nigeria is estimated at about $4 billion.
The growing investment in local drug manufacturing is expected to help reduce dependence on imported finished medicines while creating employment, developing local supply chains and improving Nigeria’s productive capacity.
The economic partnership between Nigeria and India has developed over more than 60 years. The two countries elevated their relationship to a Strategic Partnership in 2007, strengthening cooperation across several sectors.
High-level political exchanges have also contributed to closer economic ties. President Bola Tinubu attended the G20 Summit in India in 2023, while Indian Prime Minister Narendra Modi visited Nigeria in November 2024.
India’s support for Nigeria extends beyond private-sector investment. Through its Indian Technical and Economic Cooperation programme, India has provided technical training and development assistance, alongside concessional financing.
With trade and investment continuing to expand, the partnership is increasingly positioned as a platform for Nigeria to access Indian capital, technology and expertise while promoting local manufacturing, employment and economic diversification.
