Nigeria Faces N23.21 Billion Trade Deficit with Canada

In June 2026, Nigeria's trade balance with Canada shifted dramatically to a N23.21 billion deficit, concluding a 16-month streak of trade surpluses. Exports to Canada collapsed by 99.55%, dropping from N341.33 billion in May to only N1.54 billion.

Meanwhile, imports surged to N24.75 billion, leading to a net trade deficit. The decline in exports was notably influenced by a 79% reduction in soya bean product exports, which fell from N11.15 billion in Q1 2026 to N2.39 billion in Q2 2026.

This reversal is significant as Nigeria had consistently exported more to Canada than it imported since February 2025. The trade balance deteriorated by approximately N355.94 billion between May and June 2026.

Year-on-year, imports decreased from N60.64 billion in June 2025 to N24.75 billion in June 2026, marking a 59.2% decline. The lack of a preferential trade agreement with Canada, unlike Nigeria's relationship with the United States, contributed to this trade imbalance.