Nigeria’s biggest crude market India, may soon be taken as the world’s third largest crude producer, Saudi Arabia, is currently worming its way into the Asian country.
Last week, Saudi’s Crown Prince, Mohammed bin Salman, who was on official visit to India was at New Delhi where he met with India’s Prime Minister Narendra Modi, for crucial talks.
While much of the talks focused on curbing terrorism, the two leaders also deliberated on ways to form stronger economic ties.
Specifically, Prince Salman swas reported to have tated that his country would be investing as much as $100 billion in India over the next two years. “We expect the opportunities we are targeting in india in various fields to exceed $100 billion in the coming two years.”
Areas of interest for the Kingdom cut across such sectors as infrastructure, manufacturing, and agriculture. In addition, Saudi Arabia also wants to invest in India’s energy/oil industry.
Already, leading Saudi oil and gas company, Saudi Aramco is said to be in talks with Reliance Industries Limited over a potential partnership.
According to energy experts, the impending investments by Saudi Arabia in India’s energy sector could ultimately cause a decline for India’s demand for Nigeria’s crude and further decline in Nigeria’s crude oil revenue.
According to recent data from the National Bureau of Statistics (NBS), Nigeria exported crude worth N719.2 billion to India in Q3 2018. This, along with the N37.7 billion worth of natural gas has been exported to the country, making it Nigeria’s biggest crude export market during the period under consideration.


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