US crude oil imports from Nigeria drop by $102m in Q1 2026

Data from the U.S. Census Bureau and the Bureau of Economic Analysis reveals a notable dip in American crude oil imports from Nigeria during the first quarter of 2026. The Punch reports that U.S. expenditure on Nigerian crude fell to $578.78 million, down from $681.40 million in the corresponding period of 2025. This 15.06% reduction in value, coupled with a 7.03% decrease in the volume of barrels imported, signals a shift in trade dynamics.

While Nigeria continues to be a key African supplier, its dominance in the U.S. market has been challenged. Its share of total U.S. crude imports from Africa dropped significantly to approximately 34.8% in Q1 2026, a sharp contrast to the roughly 61.7% recorded in the same period of 2025. This erosion of market share is attributed to increased competition from other African exporters, such as Libya and Ghana, indicating a more diversified sourcing strategy by the United States.

The report also highlights a sharp monthly decline in imports between February and March 2026, with volumes dropping from 4.64 million barrels to 1.54 million barrels. This suggests potential fluctuations in U.S. demand or adjustments in supply from Nigeria. From our perspective at The Punch, while these figures indicate a moderation in U.S. demand for Nigerian crude, it is crucial to analyze the underlying causes. Factors such as global supply patterns, price movements, and the specific quality of Nigeria's light sweet crude grades, which remain relevant to the American refining system, will continue to shape this trade relationship. Understanding these dynamics is vital for Nigeria's economic planning and its position in the global energy market.