Export surge, led by urea shipments, reverses 14-month deficit streak despite higher imports…
Nigeria’s trade relationship with the United States took a dramatic turn in June 2026, with the country recording a N797.50 billion surplus, its strongest monthly trade balance with the US in recent years and a sharp reversal from 14 consecutive months of deficits.
Analysis of foreign trade figures from the National Bureau of Statistics by Nairametrics Research shows that Nigeria exported goods worth N1.19 trillion to the United States during the month, while imports from the country stood at N395.60 billion.
The striking improvement was driven overwhelmingly by the surge in exports, which rose far faster than imports during the period.
A major contributor to the increase was urea, with Nigeria’s exports of the fertiliser to the US rising by 203 percent quarter-on-quarter to N1.07 trillion in the second quarter of 2026, compared with N353.04 billion recorded in the first quarter.
The commodity consequently emerged as Nigeria’s dominant export to the United States during the period.
The June figures represent a major shift from May, when Nigeria recorded a N48.69 billion trade deficit with the US.
Within one month, the balance improved by about N846.19 billion, as exports jumped from N216.48 billion in May to N1.19 trillion in June — an increase of 451.1 percent.
Imports also rose during the month, but at a much slower pace, climbing 49.2 percent from N265.17 billion in May to N395.60 billion.
The year-on-year picture was equally striking.
Nigeria’s exports to the US increased by 190.9 percent, from N410.07 billion in June 2025 to N1.19 trillion in June 2026.
Imports, on the other hand, dropped by 49.3 percent, falling from N779.80 billion in June 2025 to N395.60 billion.
The result was a dramatic reversal of the N369.73 billion deficit recorded in June 2025 into a N797.50 billion surplus one year later, an improvement of approximately N1.17 trillion.
The turnaround comes against the backdrop of changes in United States trade policy, including a new 12.5 percent tariff imposed on Nigerian exports to the American market.
Nigeria was among 38 countries affected by Washington’s revised trade measures, introduced as part of efforts to address concerns over forced labour and what the US considers unfair trade practices.
The tariff was announced by the Office of the United States Trade Representative in a July 23 statement issued by US Trade Representative Jamieson Greer, with revised duties ranging from 10 percent to 12.5 percent applying to goods from several trading partners.
The measures followed the Trump administration’s broader effort to establish a new tariff framework after the US Supreme Court struck down the president’s earlier reciprocal tariffs imposed under a national emergencies law.
The latest surplus is particularly significant because it follows a prolonged period of negative trade balances between both countries.
Nigeria recorded its largest monthly deficit with the US in March 2026, when the shortfall reached N1.10 trillion. Imports that month stood at N1.55 trillion, compared with exports of N447.06 billion.
By June, the situation had changed substantially, with imports dropping to N395.60 billion while exports surged to N1.19 trillion.
Despite the sharp June reversal, Nigeria’s overall trade position with the United States remained in deficit during the first half of 2026.
Between January and June, imports from the US totalled N3.81 trillion, while exports stood at N2.91 trillion, leaving a cumulative deficit of about N902.52 billion.
The first-half position also deteriorated compared with the same period in 2025. Nigeria recorded imports of approximately N3.58 trillion and exports of N2.90 trillion during H1 2025, producing a deficit of N676.90 billion.
That means the half-year deficit widened by N225.62 billion, representing an increase of about 33.33 percent.
Nigeria has, however, recorded sizeable trade surpluses with the United States in the past, including N258.1 billion in January 2024, N201.4 billion in April 2024, N794.3 billion in August 2024 and N191.6 billion in February 2025.
The latest figures also highlight a changing composition of Nigeria’s exports to the US.
While crude petroleum exports fell by 13 percent to N529.31 billion in the second quarter of 2026, the decline was more than compensated for by the sharp increase in urea shipments.
Other products also contributed to the expansion in export earnings, including other petroleum gases valued at N78.54 billion, as well as soybean products and natural rubber.
The United States accounted for 6.40 percent of Nigeria’s total exports in the second quarter of 2026 and 6.97 percent of the country’s major import sources over the same period.
The June performance therefore marks a significant shift in Nigeria’s trade position with one of its major international trading partners, although the broader first-half figures show that the country still faces a substantial trade gap with the United States.
