Nigeria Achieves N797 Billion Trade Surplus with US
In June 2026, Nigeria recorded a N797.50 billion trade surplus with the United States, a significant shift from a 14-month streak of trade deficits. Exports to the US rose to N1.19 trillion, while imports decreased to N395.60 billion.
The surge in exports was largely attributed to urea, which saw a 203% increase quarter-on-quarter, reaching N1.07 trillion in Q2 2026. This marked a notable improvement of approximately N846.19 billion from a N48.69 billion deficit in May 2026.
Year-on-year, imports fell by 49.3%, from N779.80 billion in June 2025. The turnaround is particularly significant given Nigeria's previous trade deficits, including a N369.73 billion deficit in June 2025.
The US imposed a 12.5% tariff on Nigerian exports, but over 80% of Nigeria’s merchandise exports remain unaffected. The trade relationship has historically been vital, with Nigeria being a significant trading partner for the US.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
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