US crude imports from Nigeria plummeted in January 2026, with a staggering 47.16 per cent drop in volumes compared to the previous month. The sharp decline is evident in the latest data from U.S. trade agencies, which show that crude imports from Nigeria fell to 1.664 million barrels in January, down from 3.149 million barrels recorded in December 2025.
The drastic reduction in Nigerian crude exports to the U.S. is further underscored by the significant drop in value terms. The customs value plummeted 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 in exports occurred alongside a broader decline in total U.S. crude imports.
Nigeria's share of the U.S. crude market has taken a hit, with the country accounting for just 0.88 per cent in January, compared to 1.59 per cent in December. Meanwhile, Angola has emerged as a new competitor, with its exports to the U.S. rising sharply to 2.062 million barrels in January. Ghana also made its mark as a new supplier, with 738,000 barrels of crude oil exported to the U.S. during the month.
The US trade data paints a grim picture for Nigeria's oil-dependent economy, with a 47.16 per cent drop in crude exports to the US in January. This decline, coupled with a rise in oil production to 1.64 million barrels per day, raises questions about the country's ability to diversify its revenue streams. As Nigeria struggles to maintain its market share in the US, it is clear that the country's economic fortunes are closely tied to the global oil market. The $419 million goods trade surplus with Nigeria in January, driven by American exports, is a stark reminder of the country's reliance on imported goods.
