Nigeria recorded a N940.98 billion drop in exports to the United States during the first nine months of 2025. Imports from America more than doubled, flipping a prior trade surplus into a substantial deficit.
Okay News reports that National Bureau of Statistics data showed exports falling to N3.65 trillion from N4.59 trillion year-on-year. This represents a 20.5 percent decline.
Imports surged to N6.80 trillion from N3.01 trillion, up 125.5 percent or N3.78 trillion. The shift created a N3.15 trillion trade deficit, reversing a N1.57 trillion surplus in 2024.
The reversal coincided with United States implementation of reciprocal tariffs. An executive order raised Nigeria’s rate from 14 percent to 15 percent, effective August 7, 2025.
Although crude oil often receives exemptions, non-oil exports absorbed the impact. Quarterly trends highlight the disruption.
Exports grew steadily in 2024 across quarters. They declined sharply in 2025, plunging 45.3 percent from Q2 to Q3.
Imports accelerated, rising 51.8 percent then 49.1 percent quarter-on-quarter. Year-on-year, Q3 exports collapsed 56 percent.
The United States fell from Nigeria’s top export destinations by mid-2025. It remained a major import source.
Product breakdowns reveal narrowing exports. Early 2025 featured crude oils, urea, and jet fuel.
Later quarters shifted to minor items like cocoa derivatives and rubber. Imports dominated by crude oils and vehicles expanded rapidly.
President Bola Ahmed Tinubu expressed resilience against external policies. He cited growing non-oil revenues as buffers.
Minister of Industry, Trade and Investment Jumoke Oduwole emphasised continued reforms. Focus remains on diversification and African Continental Free Trade Area opportunities.
Experts view tariffs as prompting adaptation. They encourage new partnerships amid global shifts.
Development economist Aliyu Ilias sees opportunities in alliances like BRICS. Muda Yusuf of the Centre for the Promotion of Private Enterprise downplayed strategic impact, noting limited exposure.
Yusuf highlighted visa restrictions as greater long-term barriers. Recent United States measures affect business, tourism, and student travel for Nigerians.
These trade dynamics expose vulnerabilities in Nigeria’s export profile. They underscore needs for diversification beyond oil.
The deficit signals challenges from external policy changes. It reinforces calls for resilient economic strategies in Africa’s largest economy.
