Urea Overtakes Crude As Nigeria Flips 14-month US Trade Deficit To N797bn Surplus

Nigeria broke a 14-month run of trade deficits with the United States in June 2026, posting a N797.5 billion surplus driven by a surge in urea exports.

NBS data shows exports to the US jumped 451 per cent month-on-month to N1.19 trillion in June from N216.48 billion in May, while imports rose 49.2 per cent to N395.6 billion. Year-on-year, exports rose 190.9 per cent from N410.07 billion, while imports fell 49.3 per cent from N779.8 billion.According to Nairametrics Research, the surplus marks a N846.2 billion swing from a N48.69 billion deficit in May and a N1.17 trillion improvement from a N369.73 billion deficit in June 2025. It is the largest monthly surplus with the US on record.

The key driver was fertiliser, not oil. Urea exports surged 203 per cent quarter-on-quarter to N1.07 trillion in Q2 2026 from N353.04 billion in Q1, overtaking crude as Nigeria’s biggest export to the US. Crude exports actually fell 13 per cent to N529.31 billion in the same period.

Other contributors included petroleum gases at N78.54 billion, soybean products and natural rubber.

The reversal is striking against March, when Nigeria posted its worst US deficit of N1.10 trillion after imports spiked to N1.55 trillion.

Despite June’s gains, Nigeria still ran a N902.5 billion deficit with the US in H1 2026, with N3.81 trillion in imports against N2.91 trillion in exports, 33 per cent wider than H1 2025.

The trade comes as the US imposed a new 12.5 per cent tariff on Nigerian exports from July 23.

Nairametrics stated that “what you should know Nigeria’s trade relationship with the US has historically been important on both the import and export sides, with NBS data consistently placing the country among Nigeria’s significant trading partners.”

It added that the strong growth in these export categories significantly boosted Nigeria’s total exports to the US, helping the country move from a trade deficit to a surplus despite the increase in imports.