Bilateral trade between Nigeria and India increased by 26 per cent to about $9 billion in the 2025–26 financial year, up from $7.13 billion recorded in 2024–25, as businesses from both countries deepen cooperation in manufacturing, healthcare, energy, technology and other sectors.
The Indian High Commissioner to Nigeria, Abishek Singh, disclosed that more than 200 Indian companies are currently operating in Nigeria, creating nearly 100,000 jobs.
He said Indian businesses have become the second-largest employers of Nigerians after the Federal Government, underscoring the growing importance of Indian investment to the Nigerian economy.
The expanding presence of Indian companies also reflects a gradual shift in the bilateral economic relationship from trade in commodities and finished products towards local manufacturing and production.
Indian firms are increasingly investing in production facilities in Nigeria, particularly in pharmaceuticals, power, construction, consumer goods, healthcare and other service sectors.
Healthcare has emerged as one of the key areas of cooperation between the two countries. India’s Deputy High Commissioner to Nigeria, Vertika Rawat, said Indian pharmaceutical exports to Nigeria stood at $315 million in 2024–25.
She added that India supplies about 40 per cent of Nigeria’s pharmaceutical imports, with its share exceeding 90 per cent in some categories of medicines.
According to Rawat, Indian investments in pharmaceutical manufacturing in Nigeria are estimated at about $4 billion, indicating increasing efforts by Indian companies to manufacture medicines within Nigeria rather than depend largely on imported finished products.
The investments are expected to generate skilled employment, strengthen local supply chains and expand Nigeria’s domestic manufacturing capacity.
Nigeria and India have maintained economic and diplomatic relations for more than six decades, with the partnership elevated to a Strategic Partnership in 2007.
Political relations have also gained momentum in recent years. President Bola Tinubu visited India in 2023 to attend the G20 Summit, while Indian Prime Minister Narendra Modi paid an official visit to Nigeria in November 2024.
Beyond commercial investments, India has supported Nigeria through development assistance, concessional financing and technical capacity-building under the Indian Technical and Economic Cooperation programme.
The deepening relationship provides Nigeria with opportunities to attract Indian capital, technology and technical expertise as the country seeks to expand domestic production, create jobs and reduce dependence on imports.
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