Nigeria’s trade surplus with Canada ended a 16 month run in June 2026, after exports to the North American country plunged 99.55% to N1.54 billion.
According to foreign trade data from the National Bureau of Statistics, Nigeria imported goods worth N24.75 billion from Canada in June, resulting in a N23.21 billion trade deficit.
The News Chronicle reports that the sharp reversal followed a collapse in exports from N341.33 billion in May to N1.54 billion in June, while imports rose from N8.60 billion to N24.75 billion.
READ ALSO: World Bank Mobilises Record $112bn In Private Capital For Developing Economies
The June deficit represented a N355.94 billion deterioration from the N332.73 billion surplus recorded in May. Year on year, exports also fell from N482.44 billion in June 2025, a decline of 99.7%.
Despite the June reversal, Nigeria maintained a substantial trade surplus with Canada in the first half of 2026. Exports stood at about N1.44 trillion, compared with imports of N180.95 billion, leaving a surplus of approximately N1.26 trillion.
However, the H1 surplus was down by N643.85 billion, or 33.8%, from N1.91 trillion recorded in the same period of 2025.
The sharp June decline highlights the volatility of Nigeria’s exports to Canada and raises questions over whether the drop was temporary or signals weaker export activity.
