In a major boost to Nigeria’s oil exports, India’s state-owned oil company has purchased 2 million barrels of Nigerian crude oil, signaling a strategic shift in global energy trade.
The move comes against the backdrop of rising trade frictions between India and the United States, which have prompted New Delhi to diversify its supply sources and reduce reliance on American crude.
Energy analysts say the purchase underscores Nigeria’s growing importance as a reliable alternative supplier for Asian markets. Nigeria, Africa’s largest oil producer, has long exported crude to Europe and Asia, but this latest deal highlights deepening economic ties between Abuja and New Delhi.
According to industry insiders, the transaction involves Bonny Light crude, one of Nigeria’s premium grades, known for its low sulfur content and suitability for refining into petrol and diesel.
Speaking on the development, a senior Nigerian oil sector official noted:
“This is a positive development for our economy. With fluctuating oil prices and global uncertainty, Nigeria must seize every opportunity to expand its market reach. India’s demand creates a win-win situation.”
India, the world’s third-largest crude oil importer, has faced growing pressure from Washington over its trade policies. By turning to African and Middle Eastern suppliers, India is sending a strong signal of energy independence while also fostering new partnerships.
For Nigeria, this deal could translate into increased foreign exchange earnings, helping to stabilize the nation’s struggling economy amid inflation and currency depreciation. Experts, however, caution that sustained gains will depend on Nigeria’s ability to maintain consistent production levels, address oil theft, and upgrade refining capacity to reduce overdependence on crude exports.
This transaction may also pave the way for broader bilateral cooperation between Nigeria and India in areas such as energy technology, infrastructure, and trade.
As global energy dynamics shift, Nigeria’s role as a key supplier in emerging markets appears to be gaining fresh momentum.