Nigeria's exports to US drop N366bn as imports surge, trade deficit hits N1.63tn
By Aboki Forex —
Nigeria's exports to the United States fell by N365.64bn in the first quarter of 2026, even as imports from the world's largest economy surged sharply. The National Bureau of Statistics, in its Foreign Trade in Goods Statistics report, showed that exports to the US dropped to N1.18tn in Q1 2026 from N1.54tn in the same period of 2025. That is a year-on-year decline of 23.69 percent.
The drop points to weaker demand for Nigerian products in the American market. Still, the US remained Nigeria's fifth-largest export destination during the quarter. On a quarter-on-quarter basis, exports to the US recovered by 31.60 percent from N895.06bn recorded in Q4 2025.
In contrast, Nigeria's imports from the US jumped by 97.33 percent year-on-year to N2.81tn in Q1 2026, up from N1.42tn in Q1 2025. Compared with the previous quarter, imports rose by 74.14 percent from N1.61tn. The figures mean Nigeria imported goods worth more than double the value of its exports to the US, creating a bilateral trade deficit of roughly N1.63tn.
The NBS said India was Nigeria's main export destination in the quarter, with N2.77tn or 13.09 percent of total exports. France followed with N1.97tn or 9.29 percent, the Netherlands with N1.95tn or 9.22 percent, Spain with N1.63tn or 7.68 percent, and the US with N1.18tn or 5.56 percent.
The bureau also named the US as Nigeria's second-largest source of imports after China. Imports from China stood at N5.10tn, representing 37.42 percent of total imports. Imports from the US amounted to N2.81tn, accounting for 20.60 percent. The strong rise in imports from the US came even as Nigeria's total import bill fell by 18.17 percent year-on-year to N13.62tn in Q1 2026 from N16.64tn in Q1 2025.
Nigeria imported mainly from Asia, valued at N7.55tn or 55.45 percent of total imports. Imports from the Americas amounted to N3.24tn or 23.76 percent, while Europe accounted for N2.10tn or 15.39 percent.