The United States imported goods worth $643.1 million from Nigeria between January and February 2025.
This is according to data from the United States International Trade Commission.
The data revealed that Nigeria’s imports on a customs basis for February 2025 was $286.3 million, indicating a decline from the $423.6 million recorded in the same period in 2024, and a percentage reduction of 32.4%.
On a year-to-date basis, customs-based imports fell from $951.6 million in 2024 to $643.1 million in 2025, representing a decrease of 32.4 per cent.
On a cost, insurance, and freight (CIF) basis, Nigeria’s imports for February 2025 stood at $298.4 million, compared to $436.3 million in February 2024, marking a decline of 31.6 per cent.
On a year-to-date basis, CIF-based imports fell from $979.6 million in 2024 to $666.3 million in 2025, indicating a decrease of 32 per cent.
The customs basis for US trade refers to the value of goods at the point of entry into the United States, excluding costs related to insurance and freight, while the CIF basis includes the total value of the goods along with the insurance and shipping costs required to deliver the goods to the US.
Even though imports recorded a decline, Nigeria’s trade balance on customs imports for February 2025 improved significantly, rising to $187.2 million from $77.3 million in February 2024, representing an increase of 142.2 per cent.
On a year-to-date basis, the trade balance moved from a deficit of $158.8 million in 2024 to a surplus of $44.3 million in 2025, marking a recovery of 127.9 per cent.
The total trade between the US and Nigeria for the first two months of 2025, including the value of both imports and exports, stood at approximately $1.33 billion.
Nigeria’s exports on a domestic and foreign Free Alongside Ship basis amounted to $473.6 million in February 2025, slightly down from $501 million in February 2024, representing a decline of 5.5 per cent.
On a year-to-date basis, F.A.S.-based exports fell from $792.8 million in 2024 to $687.4 million in 2025, marking a decrease of 13.3 per cent.
Meanwhile, data from the United States Trade in Goods report further showed that the United States recorded a trade deficit against Nigeria only in January 2025.
The report showed that the US posted a deficit of $143 million in January but recorded a surplus of $187 million in February, resulting in a year-to-date surplus of $44 million.
The data revealed that Nigeria’s exports to the US rose significantly in February, amounting to $474 million compared to $214 million in January.
This marked an increase of 121.5 per cent.
On a year-to-date basis, Nigeria’s exports to the US totalled $687 million, showing a strong recovery after a slow start to the year.
US imports from Nigeria, however, recorded a decline. In February, imports were valued at $286 million, down from $357 million in January, representing a decrease of 19.9 per cent.
Year-to-date, US imports from Nigeria amounted to $643 million, indicating a reduction in import volume compared to the previous month.
The shift in trade dynamics between January and February highlights a reversal of the deficit trend seen at the start of the year.
In January, the US recorded a deficit as imports from Nigeria exceeded exports.
However, in February, increased exports and lower imports led to a surplus.
The United States imported crude oil worth $413.57million from Nigeria in the first two months of 2025, according to data from the United States Trade in Goods report.
The data shows that the total volume of crude oil imported from Nigeria during this period was 5.3 million barrels.
The President Donald Trump administration recently announced new tariffs which will take effect on April 9, 2025.
Even though oil and minerals are exempted from the new tariff regime, the federal government has expressed concerns about the potential impact on Nigeria’s trade.
