New Delhi, May 30 : Prime Minister Narendra Modi has invited newly-elected Nigerian President Muhammadu Buhari for the 3rd India-Africa Forum Summit to be held here on October 29.

Modi's invite was extended as Indian Petroleum Minister Dharmendra Pradhan concluded a two-day official visit to Nigeria undertaken for the swearing-in ceremony of President Muhammadu Buhari on Friday, the petroleum ministry said in a statement.

"This was a significant event as this is the first time there has been a democratic and peaceful transfer of power in Nigeria which has been internationally praised. Several heads of state and governments and senior leaders from around the world attended the event," the statement said.

Nigeria is the fourth largest source of crude oil and the second biggest source of liquefied natural gas (LNG) for India.

In 2014-15, India imported about 18.2 million tonnes of crude and five million square cubic metres a day of LNG from Nigeria.

"Over 100 Indian public and private sector companies are active in Nigeria in various sectors including the upstream sector, import of crude and LNG, telecoms, IT, automobile, pharmaceuticals, among others," the statement said.