Nigeria’s trade imbalance with the United States widened significantly in the latest reporting period, as the country’s exports declined sharply while imports from the U.S. nearly doubled, pushing the trade deficit to ₦1.63 trillion.
According to the latest foreign trade statistics released by the National Bureau of Statistics (NBS), Nigeria’s exports to the United States fell by ₦365.6 billion compared to the previous period. The decline reflects weaker export earnings from goods shipped to one of Nigeria’s key trading partners.
In contrast, imports from the United States recorded a substantial increase, almost doubling during the same period. The sharp rise in imports widened Nigeria’s trade gap with the U.S., resulting in a trade deficit of ₦1.63 trillion.
The latest figures underscore the persistent imbalance in bilateral trade between both countries, with Nigeria continuing to import significantly more goods from the United States than it exports.
Economic analysts say the development highlights the need to strengthen Nigeria’s non-oil export sector, improve local manufacturing, and diversify export products to enhance foreign exchange earnings and reduce dependence on imported goods.
The report comes amid ongoing efforts by the Federal Government to boost exports, attract investment, and improve the country’s overall trade performance through economic reforms and increased support for local industries.
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