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After the 2020 crash, US-Nigeria trade value climbed to $10B+ in 2024

Key Takeaways:

The US' trade deficit with Nigeria narrowed significantly, shifting from a $5.14 billion deficit in 2017 to a $1.69 billion surplus in 2024.
US goods exports to Nigeria reached $4.2 billion in 2024, representing a 92% increase from the $2.2 billion recorded in 2017.
US goods imports from Nigeria totalled $5.9 billion in 2024, a 20% decrease from the $7.3 billion recorded in 2017.
The COVID-19 pandemic severely disrupted bilateral trade in 2020, but both imports and exports began recovering steadily from 2021 onwards.
By 2024, trade had rebounded substantially, with US imports from Nigeria reaching $5.87 billion and exports to Nigeria reaching $4.17 billion.
Despite experiencing persistent trade deficits from 2017 through most of the period, the US achieved trade surpluses with Nigeria in 2020 and 2021.
Total goods trade between the US and Nigeria ranged from $4 billion to approximately $10 billion.

88% of Nigeria's 2024 exports came from crude oil and co., 5.73% from agriculture

Key Takeaways:

Petroleum products (crude oil and other oil products) dominated Nigeria's export landscape in 2024, accounting for 88.26% of total export value.
Agricultural exports contributed 5.73% to export value, despite Nigeria's significant agricultural potential.
The manufacturing sector made up just 2.95% of the total export value.
Nigeria’s total export value reached ₦77.44 trillion in 2024 from ₦35.96 trillion in 2023.
Non-oil sectors collectively made up less than 12% of export value.

Nigeria's trade surplus peaked at ₦16.8t in 2012, reaching its lowest in 2023

Between 2008 and 2015, Nigeria experienced consistent trade surpluses.

In 2023, Nigeria recorded the least trade surplus in 16 years since 2008.

Nigeria recorded trade deficits in three years (2016, 2020, and 2021) since 2008.
2021's ₦1.9 trillion deficit marked a downturn in trade performance

Nigeria's crude oil exports surge to ₦29 trillion in 2023, marking a record high

Crude oil exports, which made up 81% of Nigeria's export value in 2023 have increased in three consecutive years since 2021. After a 36% decline in 2020, exports increased by 53% in 2021, 46% in 2022, and 37% in 2023 to reach ₦29 trillion.

Europe and Asia were Nigeria's top destinations for exports and imports, respectively, in H1 2023

In H1 2023, Nigeria's total trade was ₦24.79 trillion — ₦13.5 trillion worth of exports and ₦11.29 trillion imports. Here are Nigeria’s trading partners by region in H1 2023.