THE United States imported $643.1m worth of goods from Nigeria in the first two months of 2025, just a month before the implementation of new tariffs by the Trump administration, this newspaper gathered.
The tariffs, which take effect Wednesday, April 9, 2025, have raised concerns about their potential impact on Nigeria’s trade.
However, oil and minerals are exempted from the new tariff regime, offering some relief to Nigeria’s major export sectors.
Data from the United States International Trade Commission revealed that Nigeria’s imports on a customs basis for February 2025 stood at $286.3m, a sharp decline from the $423.6m recorded in the same month of 2024.
This marked a reduction of 32.4 per cent. On a year-to-date basis, customs-based imports fell from $951.6m in 2024 to $643.1m in 2025, representing a decrease of 32.4 per cent.
On a Cost, Insurance, and Freight basis, Nigeria’s imports for February 2025 stood at $298.4m, compared to $436.3m in February 2024, marking a decline of 31.6 per cent.
On a year-to-date basis, CIF-based imports fell from $979.6m in 2024 to $666.3m 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 (Cost, Insurance, and Freight) basis includes the total value of the goods along with the insurance and shipping costs required to deliver the goods to the US.
Despite the drop in imports, Nigeria’s trade balance on customs imports for February 2025 improved significantly, rising to $187.2m from $77.3m in February 2024.
This represents an increase of 142.2 per cent. On a year-to-date basis, the trade balance moved from a deficit of $158.8m in 2024 to a surplus of $44.3m 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 stood at approximately $1.33bn.
This includes the value of both imports and exports, reflecting the extensive trade relations between the two countries.
Nigeria’s exports on a domestic and foreign Free Alongside Ship basis amounted to $473.6m in February 2025, slightly down from $501m in February 2024, representing a decline of 5.5 per cent.
On a year-to-date basis, F.A.S.-based exports fell from $792.8m in 2024 to $687.4m in 2025, marking a decrease of 13.3 per cent.
This newspaper further observed that the United States recorded a trade deficit against Nigeria only in January 2025, according to data from the United States Trade in Goods report.
The report showed that the US posted a deficit of $143m in January but recorded a surplus of $187m in February. This positive shift resulted in a year-to-date surplus of $44m.
The data revealed that Nigeria’s exports to the US rose significantly in February, amounting to $474m compared to $214m in January.
This marked an increase of 121.5 per cent. On a year-to-date basis, Nigeria’s exports to the US totalled $687m, 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 $286m, down from $357m in January, representing a decrease of 19.9 per cent.
Year-to-date, US imports from Nigeria amounted to $643m, 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.
This newspaper further observed that the United States imported crude oil worth $413.57m 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.
Crude oil accounted for approximately 64.31 per cent of the total imports from Nigeria to the US, which stood at $666.3m in the first two months of the year.
This highlights the significant role of crude oil in Nigeria’s export portfolio to the US.
In February 2025, the volume of crude oil imported from Nigeria to the US was 1.8 million barrels, valued at $142.2m.
This marked a significant drop from January 2025, when the volume was higher at 3.5 million barrels, valued at $271.4m.
The data revealed that the value of crude oil imports fell by 47.6 per cent month-on-month.
The year-to-date customs value of crude oil imports from Nigeria stood at $413.6m as of February 2025.
Month-on-month, the data shows that the customs value of imports in February was significantly lower than in January.