Recently we have seen that Prime Minister Narendra Modi visited Nigeria on Sunday and received Nigeria’s second-highest award Grand Commander of the Order of the Niger (GCON) by Nigerian President Bola Tibunu. This Nigeria visit of PM Modi after 17 years sparks a debate that India should start purchasing more crude oil from Nigeria.
Russia has become one of the biggest exporters of crude oil to India. The major reason for this import increase is that India got crude oil from Russia after the Ukraine-Russia war at a much lower price. But Indian goods export to Russia has not seen a sunny day yet.
More analysts now saying that the major reason that we are not seeing any major change in exports to Russia is that, Russians consider Indians as a backward people and they are not that much interested in buying Made in India goods.
Although Russia is India’s biggest defense ally, still India should start looking towards other countries to increase exports and Nigeria is one of them.
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Nigeria is 7th highest crude oil-producing country in the world it produces almost 1/3 of Russian oil and its 2/3 economy is dependent on oil exports as they don’t have many manufacturing, IT, Telecom, etc. industries.
Now, as India is rapidly moving towards Make in India, It should grab this opportunity and export its goods to Nigeria.
How India will increase exports with Nigeria without a Dollar?
In a recent meeting, Nigeria discussed its wish to join BRICS to get trade and other benefits. It is also ready for the Naira-Rupee trade and when both countries do trade in their currency that will not only benefit them but will also help to decrease the dependency on the Dollar and its hegemony.
We can see major changes in the upcoming days if Nigeria becomes a member of the BRICS.