New Data Shows US Buying 50% Less Crude Oil From Nigeria
- Data from the US Census Bureau shows the US has reduced its crude oil imports from Nigeria in January 2026
- Other African producers like Angola and Ghana are now selling more to the US market
- At the same time, the United States has recorded a goods trade surplus of $419 million with Nigeria
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Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, the stock market, and broader market trends.
The United States has slashed its imports of Nigerian crude oil by nearly half in January 2026, a shift from the previous trading trends
New data from the Census Bureau and the US Bureau of Economic Analysis revealed that US crude imports from Nigeria fell to 1.664 million barrels in January 2026 from 3.149 million barrels in December 2025.
Source: Getty Images
This represents a 47.16% month-on-month decline, equivalent to a drop of 1.485 million barrels within a single month.
In value terms, the fall was equally sharp.
The customs value of Nigerian crude imports dropped from $217.36 million in December to $115.99 million in January, while the cost, insurance and freight (CIF) value declined to $118.95 million from $223.10 million.
Nigeria loses ground in the US market
The data revealed that Nigeria’s share of total US crude imports weakened significantly, falling to 0.88% in January from 1.59% in December.
Punch reports that the drop comes amid a broader slowdown in US crude imports, which declined by 5.1% to 188.21 million barrels.
However, the sharper decline in Nigerian volumes suggests increasing competition and shifting sourcing preferences.
Angola emerged as a major beneficiary, with exports to the U.S. rising sharply to 2.062 million barrels from 575,000 barrels in December.
Ghana also entered the market with 738,000 barrels, while Libya’s exports declined to 1.086 million barrels from 2.137 million barrels.
Another African country leads
Despite the decline, crude oil remains Nigeria’s dominant export to the United States, accounting for about 63% to 65% of total US imports from the country in January.
Total US imports from Nigeria fell to $183 million from $297 million in December, reflecting the broader contraction in trade flows.
At the same time, the United States recorded a goods trade surplus of $419 million with Nigeria, widening sharply from $84 million in December as exports to Nigeria rose to $602 million.
Across Africa, however, the US posted a trade deficit of $503 million, reversing a surplus recorded in the previous month.
Source: Getty Images
Despite the short-term drop, Nigeria remains a key supplier of crude oil to the United States.
In 2025, Nigeria accounted for about 52% of US crude imports from Africa, supplying 46.618 million barrels out of the continent’s total 89.371 million barrels.
Crude oil sells above $110
Earlier, Legit.ng reported that Crude oil prices surged following renewed attacks on key energy infrastructure in the Middle East, raising concerns about supply disruptions, Vanguard reports.
Brent crude rose to as high as $114 per barrel in early trading, while European gas prices climbed to their highest level since the conflict began.
US president Donald Trump warned that the United States would escalate its response if Iran continued attacks on critical energy assets in the region.
Source: Legit.ng
