US Cuts Nigeria Crude Oil Imports
The United States has significantly reduced its imports of Nigerian crude oil in January 2026. According to data from U.S. trade agencies, crude oil imports from Nigeria dropped by about 47.16 per cent month-on-month, falling to 1.664 million barrels in January from 3.149 million barrels in December 2025. This decline represents a drop of 1.485 million barrels within one month, indicating a substantial contraction in Nigeria's share of the U.S. crude market.
The value of Nigerian crude exports to the U.S. also declined sharply. The customs value dropped from $217.36 million in December to $115.99 million in January, while the cost, insurance, and freight value declined from $223.10 million to $118.95 million during the same period. This contraction occurred alongside a broader decline in total U.S. crude imports, which fell from 198.29 million barrels in December to 188.21 million barrels in January, representing a 5.1 per cent decrease.
Nigeria's loss of market share occurred alongside gains by other African countries. Angola recorded a significant increase in exports to the U.S., rising from 575,000 barrels in December to 2.062 million barrels in January, while Ghana emerged as a new supplier with 738,000 barrels during the month. Nigeria's share of total U.S. crude imports also declined significantly, accounting for about 0.88 per cent in January, compared to 1.59 per cent in December.
The sharp decline in U.S. imports of Nigerian crude oil is a significant development for the Nigerian economy. With oil production rising to 1.64 million barrels per day in January, the drop in exports to the U.S. may have a substantial impact on government revenue. The $419 million goods trade surplus with Nigeria in January, driven by an increase in American exports to Nigeria, may also be a concern for policymakers. As Nigeria's share of the U.S. crude market continues to contract, the country must diversify its exports and reduce its reliance on oil revenue.
