Abstract: India and Nigeria have shared a longstanding relationship rooted in historical connections, economic exchanges, and diplomatic engagements. Despite these ties, concerns persist regarding the nature and impact of India's involvement in Nigeria’s development, particularly in terms of economic dependency and trade imbalances. This study examines India’s role in Nigeria’s economic and political landscape, focusing on trade relations, investment, technological collaboration, and governance. Guided by the Dependency Theory and South-South Cooperation framework, the research explores the extent to which India’s engagement has influenced Nigeria’s industrial growth, human capital development, and governance structures. The study employs a qualitative approach, drawing on historical analysis, and policy reviews to assess India’s contributions and their implications for Nigeria’s long-term development. Findings indicate that India has played a crucial role in Nigeria’s industrialization and capacity building, fostering advancements in sectors such as manufacturing, telecommunications, and pharmaceuticals. However, concerns remain regarding trade imbalances, the dominance of Indian firms in key industries, and Nigeria’s continued reliance on Indian expertise and products. The study concludes that while India’s engagement has been largely beneficial, Nigeria must adopt policies that ensure balanced trade, technological transfer, and sustainable industrial development. It recommends strengthening domestic industries, renegotiating trade agreements to address imbalances, and fostering policies that reduce dependency while maximizing the benefits of South-South cooperation. By doing so, Nigeria can leverage its partnership with India for more equitable and sustainable growth.