How Nigeria Turned ₦48.7 Billion US Trade Deficit into ₦797.5…

Nigeria recorded a ₦797.5 billion trade surplus with the United States in June 2026, reversing a ₦48.69 billion deficit recorded in May and ending 14 consecutive months of trade deficits with the US.

The sharp turnaround was driven largely by a surge in exports, which increased from ₦216.48 billion in May to ₦1.19 trillion in June, representing a 451 per cent month-on-month increase. Imports from the US rose more moderately from ₦265.17 billion to ₦395.60 billion, an increase of about 49 per cent.

Key Highlights
Nigeria recorded a ₦797.5 billion trade surplus with the US in June 2026.

The country moved from a ₦48.69 billion deficit in May to a surplus in June.

Nigerian exports to the US rose 451 per cent month-on-month to ₦1.19 trillion.

Imports from the US increased by about 49 per cent to ₦395.60 billion.

Urea exports rose to ₦1.07 trillion in Q2 2026.

Urea overtook crude petroleum as Nigeria’s largest export to the US during the quarter.

Nigeria still recorded an estimated ₦902.52 billion trade deficit with the US in the first half of 2026.

Nigeria-US trade surplus driven by export surge
The Nigeria-US trade surplus in June represented a significant month-on-month improvement in the country’s trade balance with the United States.

Nigeria’s exports to the US rose from ₦216.48 billion in May to ₦1.19 trillion in June, while imports increased from ₦265.17 billion to ₦395.60 billion.

The figures resulted in a trade balance of ₦797.5 billion in Nigeria’s favour for the month.

Urea emerges as major Nigerian export to US
Urea was a major contributor to the increase in Nigerian exports during the period.

Nigeria’s urea exports increased by 203 per cent quarter-on-quarter, rising from ₦353.04 billion in the first quarter of 2026 to ₦1.07 trillion in the second quarter.

During the period, urea overtook crude petroleum as Nigeria’s largest export to the United States.

Crude petroleum exports to the US fell by 13 per cent to ₦529.31 billion. Other products, including petroleum gases, soybean products and natural rubber, also contributed to Nigeria’s export earnings.

Nigeria’s non-oil exports gain attention
The trade figures highlight the growing contribution of products beyond crude oil to Nigeria’s exports to the United States.

Fertiliser, gas-related products, agricultural commodities and other non-oil goods accounted for a significant portion of export earnings during the period.

The development comes amid efforts to diversify Nigeria’s export base and increase foreign exchange earnings from sectors outside crude petroleum.

Nigeria still records US trade deficit in H1 2026
Despite the June surplus, Nigeria continued to record an overall trade deficit with the United States during the first half of 2026.

Read also:

Nigeria imported approximately ₦3.81 trillion worth of goods from the US between January and June, while exports to the country stood at about ₦2.91 trillion.

This left an estimated ₦902.52 billion trade deficit for the first half of the year.

The figures indicate that the strong June performance, while substantial, did not eliminate the cumulative trade deficit recorded during the first six months of 2026.

What the June trade figures mean for Nigeria
The June data point to the importance of export growth and diversification in Nigeria’s trade relationship with the United States.

The sharp increase in urea exports also highlights the potential contribution of Nigeria’s fertiliser and chemical industries to foreign exchange earnings.

Other sectors, including natural gas, agriculture and manufacturing, could also contribute to broader export growth if production capacity and international market access expand.

For businesses and investors, the trade figures provide an indication of the products and sectors currently contributing to Nigeria’s exports to the US.