The United States sharply curtailed its Nigerian crude oil purchases in January 2026, with imports tumbling 47.16% month-on-month, fresh U.S. Census Bureau and Bureau of Economic Analysis data reveals.
According to the latest U.S. International Trade in Goods and Services report, imports from Nigeria nosedived to 1.664 million barrels from 3.149 million barrels in December 2025 - a staggering drop of 1.485 million barrels that signals a major squeeze on Nigeria’s U.S. market foothold.
The value hit, according to reports, was just as brutal: customs value plummeted from $217.36 million to $115.99 million, while cost, insurance, and freight (CIF) values fell from $223.10 million to $118.95 million.
This gap, by implication, highlights extra shipping and insurance costs baked into CIF figures but excluded from customs valuations.
The slump underscores growing pressures on Nigeria’s oil sector amid shifting global demand.
0 comments:
Post a Comment