The United States (U.S.) imported $643.1 million 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, The PUNCH reports.
The tariffs, which take effect on 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 $286.3 million, a sharp decline from the $423.6 million 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 $951.6 million in 2024 to $643.1 million 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 $298.4 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 U.S. 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 U.S..
Despite the drop in imports, Nigeria’s trade balance on customs imports for February 2025 improved significantly, rising to $187.2 million from $77.3 million 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 $158.8 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 U.S. and Nigeria for the first two months of 2025 stood at approximately $1.33 billion.
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 $473.6 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.
The PUNCH 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 U.S. posted a deficit of $143 million in January but recorded a surplus of $187 million in February. This positive shift resulted in a year-to-date surplus of $44 million.
The data revealed that Nigeria’s exports to the U.S. 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 U.S. totalled $687 million, showing a strong recovery after a slow start to the year.
U.S. 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, U.S. 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 U.S. recorded a deficit as imports from Nigeria exceeded exports. However, in February, increased exports and lower imports led to a surplus.
The PUNCH further observed that the United States imported crude oil worth $413.57 million 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.
In a related development, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said the recent 14 per cent tariff imposed by the United States on Nigerian exports will have a negligible effect on the Nigerian economy.
Edun stated this at the inaugural Corporate Governance Forum organised by the Ministry of Finance Incorporated in Abuja on Monday.
While recognising the seriousness of escalating global tariff conflicts, Edun emphasised that Nigeria remains relatively insulated from severe impacts, given the exclusion of oil and mineral exports—Nigeria’s primary exports to the U.S.—from the tariff.
He highlighted the comparatively moderate 14 per cent tariff as favourable when placed alongside Vietnam’s 46 per cent and China’s 34 per cent tariffs.
“Nigeria’s exports to the US were N1.8tn, N2.6tn and N5.5tn in 2022-2024, respectively. Fortunately, oil and mineral exports accounted for 92 per cent, implying oil and mineral exports amounted to N5.08tn in value, while non-oil was just N0.44tn. Consequently, the tariff effect on exports is negligible if we sustain our oil and minerals export volume.”
However, Edun admitted the government’s economic management team is closely monitoring the global situation.
“We are going back to the drawing board to look at our budget all over again because we have to see what changes have been made in the assumptions that underlay the production of that budget and the reality over the first quarter and even projected into the future,” he said.
The PUNCH earlier reported that the newly imposed 14 per cent tariff by U.S. President Donald Trump on exports by Nigerian businesses presents a significant risk to the $10 billion annual exports to the United States, potentially disrupting key sectors such as agricultural trade, experts and trade associations concerned about a potential global trade war.
The economic experts, in separate interviews with The PUNCH, noted that the policy, which would raise the prices of goods and services for consumers, would weaken the standard of living, slow down manufacturing activities, hinder international trade and consequently weaken demand for Nigerian oil in the U.S., one of its key markets.
