RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economy

Nigeria Records N366bn Drop in Exports to US as Imports Surge in Q1 2026

Victoria Attah by Victoria Attah
June 30, 2026
in Economy
Reading Time: 1 min read
A A
0
FG Records N13.33bn Revenue Shortfall from Gas Flaring Penalties
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Nigeria’s exports to the United States declined significantly by N365.64 billion in the first quarter of 2026, even as imports from America increased sharply, widening the bilateral trade gap.

According to the National Bureau of Statistics (NBS) Foreign Trade in Goods Statistics report, exports to the US fell to N1.18 trillion from N1.54 trillion in the corresponding period of 2025  a 23.69% year-on-year decrease.

AlsoRead

FG to Issue N729 Billion Bond to Settle Legacy Debts Owed to Power Generators

NRS Gives Large Taxpayers July 31 Deadline to Fully Adopt E-Invoicing System

Nigeria’s Foreign Reserves Hit $51.86 Billion, Highest in 17 Years

Despite the decline, the US remained Nigeria’s fifth-largest export destination during the quarter. On a quarter-on-quarter basis, exports recovered by 31.60% from N895.06 billion in Q4 2025.

Sharp Rise in US Imports

Imports from the US, however, jumped by 97.33% to N2.81 trillion from N1.42 trillion in Q1 2025. This was also 74.14% higher than the N1.61 trillion recorded in the fourth quarter of last year.

The imbalance resulted in a bilateral trade deficit of approximately N1.63 trillion with the United States.

Broader Trade Context

India remained Nigeria’s leading export market with N2.77 trillion (13.09% of total exports), followed by France, the Netherlands, Spain, and the United States.

On the import side, China topped the list with N5.10 trillion (37.42% of total imports), while the US ranked second at N2.81 trillion (20.60%).

Nigeria’s overall imports declined by 18.17% year-on-year to N13.62 trillion, while total exports stood at N21.17 trillion, producing a trade surplus of N7.55 trillion for the quarter.

The latest figures highlight a growing trade asymmetry with the United States, where Nigeria buys far more than it sells. Analysts say this trend underscores the need for Nigeria to diversify its export base and strengthen local manufacturing capacity to reduce dependence on key trading partners.

Tags: #inflationUS
Previous Post

IMF Says Naira Remains Undervalued by 25.6%, Urges Slower Reserve Build-Up

Next Post

DMO Plans N4 Trillion FGN Bond Issuance for Third Quarter of 2026

Related News

DMO Announces Subscription Offering for Federal Government Savings Bonds.

FG to Issue N729 Billion Bond to Settle Legacy Debts Owed to Power Generators

by Jide Omodele
July 20, 2026
0

The Federal Government is set to raise approximately N729 billion through a second sovereign bond issuance to clear verified legacy...

Senate Committee Frowns at N17 Trillion Loss from Tax Waivers, Urges FIRS Reform

NRS Gives Large Taxpayers July 31 Deadline to Fully Adopt E-Invoicing System

by Victoria Attah
July 20, 2026
0

The Nigeria Revenue Service (NRS) has set July 31, 2026, as the final deadline for all large taxpayers to fully...

Currency in circulation drops massively in the third quarter of 2022.

Nigeria’s Foreign Reserves Hit $51.86 Billion, Highest in 17 Years

by Stephen Akudike
July 16, 2026
0

Nigeria’s external reserves have climbed to $51.86 billion, the highest level recorded in more than 17 years, according to the...

FG Allocates N5.1 Billion for Presidential Yacht and N5.5 Billion For Student Loans

FG Approves $11.50/Barrel Tax Credit for Shell’s Bonga Southwest Aparo Project

by Victoria Attah
July 15, 2026
0

The Federal Government has granted Shell Plc and its partners a special production-linked tax credit of $11.50 per barrel for...

Next Post
FG 2053 Bond Records $364 million Subscription as Investors Seek Record Yields

DMO Plans N4 Trillion FGN Bond Issuance for Third Quarter of 2026

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

NMDPRA inaugurates oil and gas industry service permit portal.

Nigerian Crude Surges to 10-Day High as US-Iran Tensions Disrupt Key Oil Route

July 20, 2026
DMO Announces Subscription Offering for Federal Government Savings Bonds.

FG to Issue N729 Billion Bond to Settle Legacy Debts Owed to Power Generators

July 20, 2026

Popular Story

  • Senate Committee Frowns at N17 Trillion Loss from Tax Waivers, Urges FIRS Reform

    NRS Gives Large Taxpayers July 31 Deadline to Fully Adopt E-Invoicing System

    0 shares
    Share 0 Tweet 0
  • FG to Issue N729 Billion Bond to Settle Legacy Debts Owed to Power Generators

    0 shares
    Share 0 Tweet 0
  • Nigerian Crude Surges to 10-Day High as US-Iran Tensions Disrupt Key Oil Route

    0 shares
    Share 0 Tweet 0
  • FG Releases Revised Import Prohibition List, Bans Paracetamol, Tomato Paste and others.

    0 shares
    Share 0 Tweet 0
  • 31 Nigerian States Grapple with N2.57 Trillion Domestic Debt Amid No Foreign Inflows

    0 shares
    Share 0 Tweet 0

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>