In a large pot, heat the vegetable oil over medium heat.
Add the chopped onions and sauté until translucent.
Stir in the minced garlic and cook for another minute.
Add the chopped red and green bell peppers to the pot and sauté until they soften.
Add the chopped tomatoes and cook for about 5 minutes until they break down and release their juices.
Stir in the tomato paste, paprika, curry powder, thyme, dried basil, salt, and freshly ground black pepper. Mix well to combine the ingredients.
Pour in the vegetable broth and water. Stir to incorporate all the ingredients.
Bring the mixture to a boil, then reduce the heat to low. Cover the pot and let the stew simmer for about 30 minutes, allowing the flavors to meld together.
After 30 minutes, taste the stew and adjust the seasoning if needed.
Remove from heat and let the stew sit for a few minutes before serving.
Serve the Nigerian Tomato Stew hot, garnished with fresh cilantro or parsley if desired.
This stew can be served with rice, plantains, yam, or any preferred accompaniment.