Nigeria’s exports to the United States declined by N365.64 billion in the first quarter of 2026, even as imports from the American market recorded a sharp increase, according to the latest Foreign Trade in Goods Statistics report released by the National Bureau of Statistics.
The report showed that exports to the US fell to N1.18 trillion during the review period, down from N1.54 trillion recorded in the corresponding quarter of 2025, representing a year-on-year decline of 23.69 per cent.
Despite the drop, the United States remained Nigeria’s fifth-largest export destination in the quarter, according to The PUNCH.
On a quarter-on-quarter basis, however, exports rebounded by 31.60 per cent from N895.06 billion posted in the fourth quarter of 2025.
In contrast, imports from the United States nearly doubled during the period, rising by 97.33 per cent year-on-year to N2.81 trillion from N1.42 trillion in the first quarter of 2025. Compared to the previous quarter, imports also increased by 74.14 per cent from N1.61 trillion.
The sharp disparity between exports and imports resulted in Nigeria recording a bilateral trade deficit of about N1.63 trillion with the United States, as imports were valued at more than twice the country’s exports.
Providing a breakdown of export destinations, the NBS stated, “Analysis of exports according to trading partners revealed that during the quarter under review, the main export destination was India with a value of N2.77tn or 13.09 per cent of total exports, followed by exports to France with N1.97tn or 9.29 per cent of total exports, the Netherlands with N1.95tn or 9.22 per cent of total exports, Spain with N1.63tn or 7.68 per cent of total exports, and exports to the United States of America with goods valued at N1.18tn, representing 5.56 per cent of total exports.”
The bureau also ranked the United States as Nigeria’s second-largest import source after China. Imports from China were valued at N5.10 trillion, accounting for 37.42 per cent of total imports, while goods imported from the US stood at N2.81 trillion, representing 20.60 per cent.
Although imports from the United States surged significantly, Nigeria’s overall import bill declined during the quarter. Total imports dropped by 18.17 per cent year-on-year to N13.62 trillion from N16.64 trillion recorded in the same period of 2025.
Regionally, Asia remained Nigeria’s largest import source with goods worth N7.55 trillion, accounting for 55.45 per cent of total imports. Imports from the Americas were valued at N3.24 trillion or 23.76 per cent, while Europe contributed N2.10 trillion, representing 15.39 per cent.
On the export side, Europe emerged as Nigeria’s largest regional market with exports valued at N7.93 trillion, followed by Asia at N6.42 trillion. Exports to the Americas stood at N2.61 trillion, accounting for 12.35 per cent of Nigeria’s total exports.
Overall, Nigeria recorded total exports of N21.17 trillion in the first quarter of 2026, reflecting a 2.77 per cent increase from N20.60 trillion in the corresponding period of 2025. Imports were valued at N13.62 trillion, leaving the country with a trade surplus of N7.55 trillion.
According to the NBS, the improved trade balance was largely driven by lower petroleum product imports and increased crude oil exports. Crude oil remained the country’s dominant export, contributing N11.20 trillion or 52.92 per cent of total exports. Non-crude oil exports stood at N9.97 trillion, while non-oil exports accounted for N3.19 trillion, representing 15.05 per cent of total exports.
The latest trade figures underscore a widening imbalance in Nigeria’s trade relationship with the United States, as imports from the country climbed sharply while demand for Nigerian exports weakened compared to the previous year.
The development comes amid changes to US trade policy. In late July 2025, US President Donald Trump signed an executive order increasing tariffs on Nigerian exports from 14 per cent to 15 per cent under his “reciprocal” tariff policy targeting countries with trade surpluses against the United States. While crude oil, Nigeria’s leading export, has been exempted in some cases, uncertainty surrounding the implementation of the tariff has weakened demand for Nigerian exports, particularly non-oil products directly affected by the higher duties.
The policy forms part of Washington’s broader strategy to protect domestic industries and address global trade imbalances. For Nigeria, however, the immediate impact has been reduced access to a key export market and a narrowing of its previous trade advantage with the United States.
Nigeria’s Minister of Industry, Trade and Investment, Jumoke Oduwole, recently said the Federal Government would not respond with retaliatory measures but would instead continue implementing reforms and pursuing economic diversification.
“Nigeria remains responsive; we’re not reacting. We’re focused on the eight-point agenda of President Bola Tinubu. We will continue to support domestic investors and expand market access for Nigerian businesses,” Oduwole said.
She added that Nigeria was strengthening its African Continental Free Trade Area strategy while expanding non-oil exports despite the importance of the US market.
“It’s mostly an energy trading relationship, but we are waiting to see what happens with AGOA (African Growth and Opportunity Act) in September. We are also growing exports to other African countries and expanding partnerships with Brazil, China, Japan, and the UAE,” she added.
The minister further stressed that Nigeria would continue exploring opportunities through South-South cooperation, diversify exports, and reduce its reliance on the American market.
Recently, Nigeria was also listed among 60 economies identified by the United States for allegedly failing to effectively enforce restrictions on imports produced with forced labour. The move could lead to an additional 12.5 per cent tariff on exports to the US market.
The Office of the United States Trade Representative announced that investigations conducted under Section 301 of the US Trade Act of 1974 found that the affected economies had failed to adequately prohibit and enforce bans on goods produced with forced labour, a situation it said placed an unreasonable burden on US commerce.
Consequently, the USTR proposed additional duties on products originating from the affected countries, including Nigeria, subject to a public consultation process.
Reacting to the developments, development economist and Chief Executive Officer of CSA Advisory, Dr Aliyu Ilias, said Nigeria should see the changing trade environment as an opportunity to strengthen its export strategy.
“I think it’s a good time that this is happening to Nigeria. Trump’s tariff is not only for Nigeria. The advantage is that we are now exporting more overall, which is positive for us,” he said.
Ilias argued that Nigeria could leverage its membership of BRICS and other international partnerships to reduce its dependence on the United States. He noted that with countries such as India and China also affected by US tariffs, Nigeria had an opportunity to build stronger trade relationships elsewhere.
“We also have to start being on our own. We can trade with other partners and see, because other partners are also looking for partners. The tariff that is affecting us is also affecting others, so it may be a good opportunity,” he added.
