Nigeria trade surplus with Canada ends as exports collapse

Nigeria trade deficit Nigeria Canada exports Naira depreciation petroleum exports foreign trade data

Nigeria’s trade balance with Canada shifted from a surplus to a N23.21 billion deficit in June 2026, ending a 16-month streak of consecutive monthly surpluses. This reversal was driven by a massive collapse in Nigerian exports to Canada, which fell by 99.55% from N341.33 billion in May 2026 to just N1.54 billion in June 2026.

During the same period, imports from Canada to Nigeria rose by 187.8%, increasing from N8.60 billion to N24.75 billion. Data from the National Bureau of Statistics indicates that soya bean product exports specifically saw a significant decline, dropping 79% from the first quarter of 2026 to the second quarter.

Entities

Canada · National Bureau of Statistics · Nigeria

Sources

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