EXPORTS TO US FALL BY N366BN AS IMPORTS SURGE

Nigeria’s exports to the United States declined sharply by N366 billion in the first half of 2026, even as imports from the world’s largest economy continued to surge, according to data from the National Bureau of Statistics (NBS).

The drop in exports, largely driven by reduced shipments of crude oil and other primary commodities, has widened the trade deficit with the US. Meanwhile, imports of machinery, vehicles, pharmaceuticals, and consumer goods rose significantly, reflecting strong demand amid domestic production challenges.

Analysts attribute the export decline to lower global oil prices, production disruptions, and diversification efforts by the US away from traditional suppliers. “This trend underscores the urgent need to boost non-oil exports and value addition in key sectors,” an economist noted.

The NBS report highlights opportunities for Nigerian businesses in non-oil areas such as agriculture, solid minerals, and manufactured goods, where demand remains high in the American market. However, challenges including infrastructure deficits and regulatory hurdles continue to limit competitiveness.

Stakeholders have called on the government to accelerate trade agreements, improve ease of doing business, and support exporters through targeted incentives. The development comes as Nigeria seeks to strengthen bilateral economic ties and reduce dependence on oil revenue.