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
HTML code to embed chart
Want a bespoke report?
Reach out
Click to copy HTML embed code
Tags
Related Insights
China dominates Nigeria’s imports while Spain leads as top export destination in Q2 2025
  • China remains Nigeria’s largest import partner, accounting for ₦4.96T or 32.45% of total imports—more than double the U.S.'s share.
  • The United States holds second place in imports, contributing ₦2.16T (14.12%), while India, the Netherlands, and the UAE follow with smaller shares below 6%.
  • Spain tops Nigeria’s export market, receiving ₦2.47T worth of goods, representing 10.85% of total exports.
  • Europe features strongly among export partners, with Spain, France, and the Netherlands together absorbing nearly a quarter of Nigeria’s outbound trade.
Togo emerges as Nigeria’s largest African trading partner in Q2 2025
  • Togo leads on both sides of trade, supplying ₦211.99B in imports and receiving ₦811.97B in exports, making it Nigeria’s strongest African partner by value.
  • South Africa ranks second, with imports of ₦115.15B and exports of ₦473.65B, reflecting deep bilateral trade ties.
  • Côte d’Ivoire also features prominently, sending ₦106.15B worth of goods to Nigeria while importing ₦408.97B, showing balanced engagement.
  • West Africa dominates Nigeria’s intra-African trade, with Togo, Côte d’Ivoire, and Ghana collectively accounting for a significant share of regional exports.
Manufactured goods drove imports as oil products pushed total to ₦15.29 trillion in Q2 2025
  • ₦7.88 trillion worth of manufactured goods made up 51.6% of imports, underscoring Nigeria’s dependence on foreign industrial products.
  • Other petroleum oil products accounted for ₦2.79 trillion (18.2%) of imports, showing continued reliance on external energy supplies despite Nigeria’s oil-rich status.
  • ₦1.72 trillion in raw material imports (11.3%) highlights the gap in local processing capacity.
  • Solid minerals (₦70.9 bn, 0.46%) and energy goods (₦150 mn, almost 0%) show almost no role in imports.
Nigeria’s foreign trade hit ₦38 trillion in Q2 2025, driven by strong export growth
  • Total trade in Q2 2025 was valued at ₦38.04tn.
  • Imports accounted for ₦15.29tn, led by manufactured goods and petroleum products.
  • Exports reached ₦22.75tn, boosted mainly by crude oil.
  • The trade gap favoured Nigeria with a surplus of ₦7.46tn.
Morocco leads Africa in digital trade surpluses, with $26 billion 20-year cumulative gain
  • Morocco achieved the highest cumulative surplus in Africa’s digital trade at $26.4 billion between 2005 and 2024.
  • Mauritius and Tunisia followed distantly with surpluses of $8.7 billion and $4.4 billion, respectively.
  • Nigeria and Angola recorded the deepest deficits, each exceeding $90 billion cumulatively.
  • Africa’s overall digital trade balance remained negative, averaging a -$618 million deficit in 2024.
  • Smaller economies like Kenya and Togo managed modest but consistent surpluses over the years.
In 2024, Asia and Europe together accounted for 63% of the world's copper export value
  • Asia leads global copper exports with 31.6% of total export value.
  • Europe follows closely at 31.4%, making the two regions nearly equal in contribution.
  • Combined, Asia and Europe control 63% of the global copper export market.
  • Africa ranks third globally, contributing 15.3% to copper exports.
  • Oceania plays the smallest role, with just 2% of the total export value.
POPULAR TOPICS
SIGN UP TO OUR NEWSLETTER
Get periodic updates about the African startup space, access to our reports, among others.
Subscribe Here
Subscription Form
A product of Techpoint Africa. All rights reserved