Nigeria-US trade deficit widens to N1.63tn as exports fall, imports jump
Nigeria’s exports to the United States fell by N365.64 billion in the first quarter of 2026, while imports from the US almost doubled, pushing the bilateral trade deficit to about N1.63 trillion. According to the National Bureau of Statistics’ Q1 2026 Foreign Trade in Goods Statistics, exports to the US dropped to N1.18 trillion (down 23.69% from N1.54 trillion in Q1 2025). Imports surged to N2.81 trillion, up 97.33% from N1.42 trillion a year earlier, making the US Nigeria’s second‑largest source of imports after China. Overall Nigerian imports fell 18.17% year‑on‑year to N13.62 trillion, yet demand for US goods remained strong, accounting for 20.6% of total imports. Despite the decline, the US remained Nigeria’s fifth‑largest export destination, buying 5.56% of total exports, while India, France, the Netherlands and Spain ranked higher. Total bilateral trade reached N3.98 trillion. The widening deficit coincides with the US raising its reciprocal tariff on Nigerian goods from 14% to 15% effective August 7 2025, creating uncertainty for exporters. The Minister of Industry, Trade and Investment said Nigeria is not worried by the policy, and Afreximbank noted a broader shift of African trade toward China. Meanwhile, the US has launched a forced‑labour investigation into Nigeria and 59 other economies. With US imports rising despite a national import decline, will you review your supply‑chain costs or look for alternative export markets for Nigerian products?