Nigeria loses US Oil revenue to Ghana, other African countries

The United States reduced its purchase of Nigerian crude oil sharply in January 2026, with imports dropping by about 47.16 per cent month-on-month, according to the latest data from the U.S. Census Bureau and the U.S. Bureau of Economic Analysis.

Figures from the U.S. International Trade in Goods and Services report indicate that U.S. crude imports from Nigeria fell to 1.664 million barrels in January 2026, down from 3.149 million barrels recorded in December 2025. This represents a decline of 1.485 million barrels within one month, showing a significant contraction in Nigeria’s share of the U.S. crude market.

In value terms, the drop was equally steep. The customs value of Nigerian crude imports declined from $217.36m in December to $115.99m in January, while the cost, insurance, and freight value fell from $223.10m to $118.95m over the same period. The difference between the two measures reflects additional costs such as shipping and insurance included in CIF values, which are excluded from customs valuation.

This means that in January, the CIF value of Nigerian crude was about $2.96m higher than its customs value, compared to a wider gap of about $5.74m in December. The narrowing gap suggests relatively lower freight or insurance costs, or shorter shipping distances within the period.

The contraction comes amid a broader slowdown in total U.S. crude imports, which declined from 198.29 million barrels in December to 188.21 million barrels in January, representing a drop of about 5.1 per cent. Total import value also fell, with customs value decreasing from $11.41bn to $10.56bn, while CIF value dropped from $12.04bn to $11.15bn.

Within Africa, Nigeria lost ground to some peers. While total African crude exports to the U.S. remained flat at 6.933 million barrels, Angola recorded a sharp increase, rising from 575,000 barrels in December to 2.062 million barrels in January.

Ghana also emerged as a new supplier with 738,000 barrels, having recorded no measurable exports in December. By contrast, Libya saw its exports to the U.S. decline from 2.137 million barrels to 1.086 million barrels over the period.

Nigeria’s share of total U.S. crude imports also weakened. The country accounted for roughly 0.88 per cent of total U.S. crude imports in January, down from about 1.59 per cent in December, reflecting the sharp reduction in volumes.

Further analysis of U.S. trade data shows that crude oil remains the dominant component of Nigeria’s exports to the United States. Total U.S. imports from Nigeria stood at $183m in January 2026, compared to $297m in December 2025.

With crude oil imports valued at $115.99m (customs basis) and $118.95m on a CIF basis, crude accounted for approximately 63.4 per cent to 65.0 per cent of total U.S. imports from Nigeria in January. This compares with about 73.2 per cent in December on a customs basis, indicating a relative moderation in crude dominance as overall imports declined.

It was further observed that the U.S. recorded a goods trade surplus of $419m with Nigeria in January, up from $84m in December. This was driven by a rise in U.S. exports to Nigeria, which increased from $381m to $602m, even as imports from Nigeria declined.

Across Africa, the U.S. posted a trade deficit of $503m in January, reversing a $174m surplus recorded in December. Total U.S. imports from Africa rose from $2.88bn to $3.54bn, while exports to the region edged slightly lower from $3.05bn to $3.04bn.

A news outlet had earlier reported that Nigeria accounted for about 52 per cent of Africa’s crude oil exports to the United States in 2025. According to the previous report, total U.S. crude imports from Africa stood at 89.371 million barrels in 2025, down from 103.631 million barrels in 2024, representing a decline of 14.26 million barrels or 13.8 per cent.

(PUNCH)