Falling crude oil prices hit trade between India and Nigeria last year as imports from the African nation dwindled to $9.94 billion from the previous year's $13.68 billion, down by 27 per cent, the Indian High Commission said. The bilateral trade was also affected as it declined by 25 per cent from $16.36 billion recorded during the 2014-15 financial year to $12.17 billion last year. After a steady increase of India's exports to Nigeria for the past few years, the period from April 2015 to March 2016 witnessed a 17 per cent decline in our exports.

The figure fell to $2.22 billion from $2.68 billion during the corresponding period in 2014-15, and the commission attributed this to dwindling oil prices, fall of the Nigerian local currency and other ongoing economic challenges.

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