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.

Between 2017 and 2024, US–Nigeria trade relations underwent notable changes shaped by global economic shifts, most prominently the COVID-19 pandemic. In 2017, the US' imports from Nigeria stood at a peak of $7.3 billion but plummeted to just $1.55 billion by 2020 due to pandemic-related disruptions.

The US' imports from Nigeria have steadily increased, reaching $5.87 billion by 2024. Simultaneously, its exports to Nigeria have demonstrated exceptional resilience and growth, expanding from $2.17 billion in 2017 to $4.17 billion in 2024.

Overall, total goods trade between the two nations ranged from $4 billion during the pandemic's peak to nearly $10 billion by 2024. The trade balance has shifted dramatically in the United States' favour during this period. The trade balance that began as a substantial $5.14 billion deficit for the US in 2017 narrowed to just $1.7 billion by 2024, with the US even achieving trade surpluses in 2020 and 2021.

Source:

United Nations COMTRADE

Period:

2017-2024
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