Key Takeaways:
In 2024, the United States imported $5.70 billion worth of goods from Nigeria, with petroleum products maintaining their historical dominance in the trade relationship. Mineral fuels and oil products accounted for $5.28 billion of total imports from Nigeria.
Despite this heavy dependence on oil, there are signs of export diversification. Fertilisers emerged as the second most valuable export category at $139.41 million, followed by lead products at $78.17 million. These non-oil sectors, along with various other industrial and agricultural products, collectively contributed approximately $423 million to the trade balance.
Gold bullion dominates exports, contributing ¢163.0B (55.3%) of total exports.
Petroleum oils follow distantly at ¢52.6B (17.8%).
Cocoa (beans, paste, butter) remains a vital sector, collectively worth ¢24.7B (8.4%).
Manganese, cashew, tuna, iron/steel, and shea oil are niche contributors, each under 2% of exports.