June 30 (THEWILL) — Nigeria’s exports to the United States declined by ₦365.64 billion in the first quarter of 2026, while imports from the world’s largest economy nearly doubled, widening the country’s trade deficit with the US to about ₦1.63 trillion.
According to the National Bureau of Statistics’ Foreign Trade in Goods Statistics for Q1 2026, exports to the US fell by 23.69 percent to ₦1.18 trillion from ₦1.54 trillion recorded in the corresponding period of 2025.
In contrast, imports from the US surged by 97.33 percent to ₦2.81 trillion from ₦1.42 trillion a year earlier, making the US Nigeria’s second-largest source of imports after China. American goods accounted for 20.6 percent of Nigeria’s total imports during the quarter.
The sharp increase in imports came despite an 18.17 percent decline in Nigeria’s overall imports to ₦13.62 trillion, suggesting sustained demand for US products even as aggregate import spending weakened.
The widening gap reversed Nigeria’s trade position with the US. After recording a trade surplus of about ₦122 billion in the first quarter of 2025, the country posted a deficit of approximately ₦1.63 trillion in Q1 2026 as import growth significantly outpaced export earnings.
Although exports to the US recovered by 31.6 percent from ₦895.06 billion recorded in the fourth quarter of 2025, they remained well below the level recorded a year earlier. The United States remained Nigeria’s fifth-largest export destination, accounting for 5.56 percent of total exports.
The trade imbalance coincided with the implementation of the United States’ reciprocal tariff regime, which increased tariffs on many Nigerian non-oil exports from 14 percent to 15 percent. While crude oil exports were largely exempted, the higher duties introduced additional costs for importers.
Despite concerns over US trade policies, Nigerian authorities have maintained that the measures are unlikely to significantly disrupt the country’s broader trade strategy, as efforts continue to diversify export markets and strengthen commercial ties with other global partners.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
