Nigeria Achieves N797bn Trade Surplus with US in June

In June 2026, Nigeria recorded a N797.50 billion trade surplus with the United States, a notable shift from 14 consecutive months of trade deficits. According to data from the National Bureau of Statistics, Nigeria's exports to the US soared to N1.19 trillion, a 451.1% increase from N216.48 billion in May.

Imports from the US rose from N265.17 billion to N395.60 billion, resulting in an N846.19 billion improvement in Nigeria's trade balance. The increase in exports was primarily driven by a 203% rise in urea exports, totaling N1.07 trillion in Q2 2026, despite a 13% decline in crude petroleum exports to N529.31 billion.

Analysts Kelvin Emmanuel and Kunle Jaiyesimi emphasized the importance of sustaining this growth and diversifying exports beyond crude oil. Despite the June surplus, Nigeria's trade deficit with the US for the first half of 2026 was approximately N902.52 billion, with imports totaling N3.81 trillion against exports of N2.91 trillion.