The United States imported over $5.7 billion in goods from Nigeria in 2024, with mineral fuels and oils accounting for 93%

Key Takeaways:

  • Mineral fuels and oils dominated the US' imports from Nigeria, totalling $5.28 billion.
  • Total US imports from Nigeria reached $5.70 billion in 2024.
  • Non-oil sectors contributed approximately $423 million to the total US imports from Nigeria.
  • US imports from Nigeria cut across 70 distinct product categories.
  • The average value across all import categories was $81.4 million.
  • The top 10 imported goods made up 99.1% of the total imported value.

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.

Source:

USA Trade Online - U.S. Census Bureau

Period:

2024
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Top 10 goods made up 63% of China’s exports to Nigeria in 2023
Key Takeaways:
  • Electrical and electronic equipment was China’s top export to Nigeria, valued at $2.88 billion.
  • The top five export categories (electrical equipment, machinery, vehicles, plastics, and iron/steel products) together accounted for over $8.78 billion, representing around 44% of total exports.
  • Industrial goods such as machinery and steel, along with manufactured consumer goods, dominate China’s export portfolio.
  • Products like apparel, synthetic materials, and household items featured strongly among the top export categories.
  • In total, China exported goods worth $20.18 billion to Nigeria in 2023.

Mineral fuels dominate China’s imports from Nigeria, accounting for nearly 60% of the total trade value
Key Takeaways:
  • In 2023, China imported $1.41 billion worth of mineral fuels and oils from Nigeria, making it the leading import category.
  • The top three import categories (mineral fuels, ores, and salt/earth materials) together made up nearly 89% of the total import value.
  • Nigeria’s exports to China are largely raw materials and natural resources, with minimal contribution from manufactured goods.
  • The top ten product categories accounted for almost 99% of China’s total imports from Nigeria.
  • Agricultural and animal products such as oil seeds, raw hides, and spices also formed part of Nigeria’s export portfolio.
  • China’s total imports from Nigeria were valued at $2.37 billion in 2023.

China recorded a $17.8 billion trade surplus with Nigeria in 2023, as exports outpaced imports by a ratio of 8.5 to 1
Key Takeaways:
  • In 2023, China’s exports to Nigeria totaled $20.18 billion, while imports from Nigeria reached only $2.37 billion.
  • China’s trade surplus with Nigeria amounted to approximately $17.8 billion.
  • Chinese exports accounted for 89.5% of the total bilateral trade, with Nigerian exports making up just 10.5%.
  • The trade imbalance underscores Nigeria’s strong dependence on Chinese goods and industrial inputs.
  • For every $1 Nigeria exports to China, it imports $8.50 worth of Chinese products.

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.

Soybeans led the US' agricultural exports with $24.58 billion in 2024, accounting for 14% of the total export value
Key Takeaways:
  • Soybeans topped the US' agricultural exports in 2024, followed by corn and beef.
  • The top 10 agricultural commodities made up 56.6% of the total value of the US' agricultural exports.
  • Plant-based exports (soybeans, corn, tree nuts, soybean meal, wheat) contributed over 34% of the total agricultural export value.
  • The combined value of the top 10 exports exceeded $99.73 billion.
  • Animal proteins (beef, pork, and poultry) together represented 13.9% of total US agricultural exports.

Netherlands dominated with 18.6% of South African citrus exports in 2023, outpacing other countries
  • The Netherlands led with 18.6% of South Africa’s citrus exports in 2023.
  • The U.S. accounted for 5.8% of South Africa’s citrus exports, a small share compared to Europe and UAE.
  • South African citrus exports to the U.S. in 2023 was valued at $141 million.
  • Other markets, like the UK and UAE, played a larger role in South Africa’s citrus trade.
  • Market diversity may reduce the impact of the trending U.S. tariff on South Africa’s overall citrus export.

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