Trade between Nigeria and India increased by 26 per cent to approximately $9 billion in the 2025–26 financial year, up from $7.13 billion recorded in 2024–25.
The growth reflects the expanding economic relationship between the two countries, with cooperation increasingly extending beyond oil and other commodities to manufacturing, healthcare, energy, technology and employment.
The Indian High Commissioner to Nigeria, Abishek Singh, said more than 200 Indian companies currently operate in Nigeria, employing nearly 100,000 people.
According to him, Indian businesses have become the second-largest employers of Nigerians after the Federal Government, highlighting the growing contribution of Indian companies to the Nigerian economy.
The increasing presence of Indian firms also points to a shift towards local production, as companies expand their investments in manufacturing and production facilities across sectors including pharmaceuticals, power, construction, consumer goods and healthcare.
Healthcare has emerged as a major area of collaboration between both countries. India’s Deputy High Commissioner to Nigeria, Vertika Rawat, disclosed that Indian pharmaceutical exports to Nigeria reached $315 million in 2024–25.
She said India currently accounts for about 40 per cent of Nigeria’s pharmaceutical imports, with its share exceeding 90 per cent in certain categories of medicines.
Rawat also estimated Indian investments in pharmaceutical manufacturing in Nigeria at about $4 billion, reflecting efforts by companies to establish local production and reduce dependence on imported finished medicines.
The expansion of local manufacturing is expected to create more skilled jobs, strengthen supply chains and increase Nigeria’s domestic production capacity.
Nigeria and India have maintained diplomatic and economic relations for more than six decades, with the partnership upgraded to a Strategic Partnership in 2007.
Political relations have also grown stronger in recent years. President Bola Tinubu visited India for the G20 Summit in 2023, while Indian Prime Minister Narendra Modi paid a visit to Nigeria in November 2024.
In addition to private-sector investments, India has supported Nigeria through development assistance, concessional financing and technical training under its Indian Technical and Economic Cooperation programme.
The deepening partnership is expected to provide Nigeria with greater access to Indian capital, technology and expertise while supporting efforts to expand productive capacity and strengthen local industries.
READ ALSO:
