AGOA Status: Nigeria is eligible for AGOA this year. It also qualifies for textile and apparel benefits.
Trade Agreements: The U.S. and Nigeria signed a Trade & Investment Framework Agreement (TIFA) in 2000. The eighth U.S.-Nigerian TIFA Council Meeting was held in March 2014.
Nigeria Trade & Investment Summary
U.S. goods and services trade with Nigeria totaled an estimated $10.6 billion in 2022. Exports were $5.2 billion; imports were $5.4 billion. The U.S. goods and services trade deficit with Nigeria was $177 million in 2022.
U.S. goods exports to Nigeria in 2022 were $3.4 billion, down 13.6 percent ($530 million) from 2021 and down 33 percent from 2012. U.S. goods imports from Nigeria totaled $4.8 billion in 2022, up 38.9 percent ($1.3 billion) from 2021, but down 75 percent from 2012. The U.S. trade balance with Nigeria shifted from a goods trade surplus of $446 million in 2021 to a goods trade deficit of $1.4 billion in 2022.
U.S. exports of services to Nigeria were an estimated $1.9 billion in 2022, 17.6 percent ($277 million) more than 2021, and 0 percent less than 2012 levels. U.S. imports of services from Nigeria were an estimated $607 million in 2022, 38.0 percent ($167 million) more than 2021, and 21 percent greater than 2012 levels. Leading services exports from the U.S. to Nigeria were in the travel, financial services, and transportation sectors. The United States had a services trade surplus of an estimated $1.2 billion with Nigeria in 2022, up 9.7 percent from 2021.
U.S. foreign direct investment (FDI) in Nigeria (stock) was $5.6 billion in 2022, a 6.4 percent decrease from 2021. U.S. direct investment in Nigeria is led by mining, information services, and professional, scientific, and technical services.
Nigeria's FDI in the United States (stock) was $168 million in 2022, up 6.3 percent from 2021.