Nigeria's trade balance with the United States swung sharply into a ₦797.50 billion surplus in June 2026, halting a run of 14 consecutive monthly deficits and delivering the largest monthly surplus between the two countries on record for the period.
Data analysed from the National Bureau of Statistics show exports to the US rose to ₦1.19 trillion in June while imports fell to ₦395.60 billion. The reversal was driven predominantly by a surge in urea exports, which climbed 203% quarter on quarter to ₦1.07 trillion in Q2 2026 from ₦353.04 billion in Q1 2026, making urea the largest single export to the United States during the quarter.
The swing from May to June represented an improvement of about ₦846.19 billion, moving the position from a ₦48.69 billion deficit in May to the ₦797.50 billion surplus. On a year‑on‑year basis imports into Nigeria from the US fell by 49.3%, from ₦779.80 billion in June 2025 to ₦395.60 billion, and the net outcome improved by roughly ₦1.17 trillion compared with June last year, when Nigeria recorded a ₦369.73 billion deficit.
New and expanding export lines also helped lift receipts. Other petroleum gases contributed ₦78.54 billion in exports, while shipments of soybean products and natural rubber rose. Solid mineral exports increased by ₦113.53 billion to ₦249.7 billion in H1 2026, further supporting overall export growth.
The shift arrives against recent changes in US tariff policy. Washington imposed a 12.5% tariff on Nigerian exports as part of measures targeting imports linked to forced labour and perceived unfair trade practices. A policy brief signed by CPPE Chief Executive Officer Dr Muda Yusuf notes that exempted products account for more than 80% of Nigeria's merchandise exports to the United States, leaving most shipments unaffected by the new duty.
Despite the June surplus, Nigeria’s H1 2026 external performance remained weaker than a year earlier: imports and exports in H1 2025 produced a ₦676.90 billion deficit, and that shortfall widened by ₦225.62 billion, or about 33.33%. The June result provides a clear one‑month improvement, but the coming monthly trade releases will determine whether export gains, particularly in urea, can be sustained and translate into a durable shift in Nigeria’s external position.
