Nigeria's exports to the United States dropped sharply in the first quarter of 2026, even as imports from the United States recorded a significant increase, widening the trade imbalance between the two countries.
Data contained in the National Bureau of Statistics (NBS) Foreign Trade in Goods Statistics report showed that exports to the US declined by N365.64 billion, falling from N1.54 trillion in the first quarter of 2025 to N1.18 trillion in the corresponding period of 2026, representing a 23.69 per cent year-on-year decrease.
Despite the decline, the United States remained Nigeria's fifth-largest export destination during the quarter. However, exports rebounded on a quarter-on-quarter basis, rising by 31.6 per cent from N895.06 billion recorded in the fourth quarter of 2025.
In contrast, imports from the United States nearly doubled, increasing by 97.33 per cent year-on-year to N2.81 trillion in Q1 2026 from N1.42 trillion in the same period of 2025. Compared to the previous quarter, imports also rose by 74.14 per cent from N1.61 trillion.
The development resulted in a bilateral trade deficit of approximately N1.63 trillion for Nigeria, with imports from the US exceeding exports by more than twofold during the period.
According to the NBS, India emerged as Nigeria's leading export destination with goods valued at N2.77 trillion, accounting for 13.09 per cent of total exports. France followed with N1.97 trillion, while the Netherlands and Spain accounted for N1.95 trillion and N1.63 trillion respectively. Exports to the United States stood at N1.18 trillion, representing 5.56 per cent of Nigeria's total exports.
On the import side, China remained Nigeria's largest trading partner, accounting for N5.10 trillion or 37.42 per cent of total imports, while imports from the United States amounted to N2.81 trillion, representing 20.60 per cent.
The increase in imports from the US came despite an overall decline in Nigeria's import bill. Total imports fell by 18.17 per cent year-on-year to N13.62 trillion in Q1 2026, compared to N16.64 trillion recorded in the same period of 2025.
Regionally, Asia accounted for the largest share of Nigeria's imports at N7.55 trillion or 55.45 per cent, followed by the Americas with N3.24 trillion and Europe with N2.10 trillion.
On the export side, Europe remained Nigeria's biggest regional market with exports valued at N7.93 trillion, ahead of Asia with N6.42 trillion. Exports to the Americas stood at N2.61 trillion, representing 12.35 per cent of total exports.
Overall, Nigeria recorded total exports of N21.17 trillion during the first quarter of 2026, representing a 2.77 per cent increase over the N20.60 trillion recorded in the corresponding period of 2025. Total imports stood at N13.62 trillion, leaving the country with an overall trade surplus of N7.55 trillion.
The NBS attributed the improved national trade balance to lower imports of petroleum products and stronger crude oil exports. Crude oil remained Nigeria's dominant export, accounting for N11.20 trillion or 52.92 per cent of total exports, while non-crude oil exports contributed N9.97 trillion. Of this figure, non-oil exports accounted for N3.19 trillion, representing 15.05 per cent of total exports.
Trade analysts have linked the decline in exports to the United States to recent changes in US trade policy. In July 2025, US President Donald Trump signed an executive order increasing tariffs on Nigerian exports from 14 per cent to 15 per cent under Washington's reciprocal tariff policy.
Although crude oil exports were largely exempted, the policy reportedly created uncertainty for non-oil exports, reducing demand for Nigerian goods in the American market.
Nigeria's Minister of Industry, Trade and Investment, Jumoke Oduwole, recently stated that the Federal Government would not retaliate but would instead intensify efforts to diversify export markets and strengthen domestic production.
She said Nigeria remained committed to implementing President Bola Tinubu's economic reforms while expanding trade opportunities under the African Continental Free Trade Area (AfCFTA) and deepening commercial ties with countries including Brazil, China, Japan and the United Arab Emirates.
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