Nigeria’s trade balance with the United States swung sharply into deficit in the first nine months of 2025, as exports fell by nearly N941bn while imports from the US surged to N6.80tn, according to data from the National Bureau of Statistics (NBS).
The figures show that Nigeria exported goods worth N3.65tn to the US in the period, down from N4.59tn in the same period of 2024, a decline of 20.5 per cent. Imports, by contrast, jumped by 125.5 per cent, leaving Nigeria with a trade deficit of about N3.15tn, compared with a N1.57tn surplus a year earlier.
The shift coincided with Washington’s implementation of a “reciprocal” tariff regime, under which President Donald Trump raised Nigeria’s tariff rate from 14 per cent to 15 per cent effective August 7, 2025. While crude oil exports were largely exempt, the higher duty affected a broad range of non-oil products, dampening demand from American buyers.
Quarterly analysis shows exports fell from N1.54tn in Q1 to N743.63bn in Q3, while imports rose from N1.42tn to N3.22tn over the same period. Year-on-year, exports were up 17.7 per cent in Q1 2025 compared to Q1 2024 but dropped by 56 per cent in Q3, while imports surged across all quarters.
Crude petroleum oils, urea, and cocoa beans dominated exports in Q1 2025, but by Q3 exports had dwindled to minor products like soya bean flour and technically specified natural rubber. Imports were led by crude petroleum oils, used vehicles, wheat, and industrial plastics.
President Bola Tinubu said Nigeria would remain resilient against the tariff policy, citing growing non-oil revenues as buffers against external shocks. “If non-oil revenue is growing, then we have no fear of whatever Trump is doing on the other side,” he stated.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, emphasized that Nigeria would not be stampeded into retaliation but would continue reforms, support domestic investors, expand market access, and pursue export diversification, including through the African Continental Free Trade Area.
Stakeholders have urged the US to review the tariffs, while noting the situation highlights the urgency for Nigeria to reduce dependence on the American market and strengthen non-oil exports.
Leave a Reply