In this paper, we present GaNI, a Global and Near-field Illumination-aware neural inverse rendering technique that can reconstruct geometry, albedo, and roughness parameters from images of a scene captured with co-located light and camera. Existing inverse rendering techniques with co-located light-camera focus on single objects only, without modeling global illumination and near-field lighting more prominent in scenes with multiple objects. We introduce a system that solves this problem in two stages; we first reconstruct the geometry powered by neural volumetric rendering NeuS, followed by inverse neural radiosity that uses the previously predicted geometry to estimate albedo and roughness. However, such a naive combination fails and we propose multiple technical contributions that enable this two-stage approach. We observe that NeuS fails to handle near-field illumination and strong specular reflections from the flashlight in a scene. We propose to implicitly model the effects of near-field illumination and introduce a surface angle loss function to handle specular reflections. Similarly, we observe that invNeRad assumes constant illumination throughout the capture and cannot handle moving flashlights during capture. We propose a light position-aware radiance cache network and additional smoothness priors on roughness to reconstruct reflectance. Experimental evaluation on synthetic and real data shows that our method outperforms the existing co-located light-camera-based inverse rendering techniques. Our approach produces significantly better reflectance and slightly better geometry than capture strategies that do not require a dark room.