Shift in Bilateral Energy Trade
The United Kingdom imported more refined petroleum products than crude oil from Nigeria in the 12 months ended March 2026. This shift marks a change in the composition of energy exports to one of Nigeria's major trading partners.
According to the Nigeria Trade and Investment Factsheet from the UK Department for Business and Trade, refined oil accounted for £674.5 million. This represents 47.5% of all UK goods imports from Nigeria during the period.
Crude oil followed at £438.9 million, accounting for 30.9% of the total. Natural gas ranked third at £179.3 million, representing 12.6% of goods imports.
Crude oil imports from Nigeria declined by 64.3% compared to the previous 12-month period. Meanwhile, imports of gas rose by 6.9%. Growth rates for refined oil were not disclosed because the Office for National Statistics suppresses percentage changes where growth exceeds 100% from a low base.
Other top UK goods imports from Nigeria included coffee, tea, and cocoa products worth £29.3 million, or 2.1% of total goods imports. Processed fertilisers were valued at £25.2 million, accounting for 1.8%.
Bilateral Trade Value Declines
Refined oil was also the UK's largest goods export to Nigeria. The UK exported £725.6 million worth of refined petroleum products to Nigeria during the period, representing 51.2% of its total goods exports to the country, despite a 44.7% year-on-year decline.
Other major UK exports to Nigeria included toilet and cleansing preparations valued at £61.6 million, textile fabrics at £48.6 million, general industrial machinery worth £40.3 million, and mechanical power generators at £32.9 million.
Total trade in goods and services between the UK and Nigeria stood at £7.3 billion in the four quarters to the end of Q1 2026. This represents a 3.4% decline, or £258 million, from the corresponding period a year earlier.
UK exports to Nigeria slipped 0.9% to £5.3 billion, while imports from Nigeria fell 9.3% to £2.0 billion. Goods accounted for £1.4 billion, or 69.7%, of the UK's imports from Nigeria, while services contributed £616 million, or 30.3%.
Imports of goods declined by 11.3% year-on-year, while services imports dropped by 4.3%. Despite the decline in overall trade, the UK maintained a trade surplus with Nigeria, which widened to £3.3 billion in the 12 months ended March 2026 from £3.1 billion in the corresponding period of 2025.
The UK recorded a goods trade deficit of £3 million with Nigeria, compared with a goods trade surplus of £344 million a year earlier. Its services trade surplus increased to £3.3 billion from £2.8 billion.
Nigeria remained the UK's 38th largest trading partner during the period, accounting for 0.4% of total UK trade. It ranked as the UK's 29th largest export market and 50th largest import source.
Strengthened Bilateral Agreements
The United Kingdom and Nigeria signed three agreements covering migration, border security, and trade during the State Visit of President Bola Tinubu. The deals comprise two Memoranda of Understanding and a Statement of Intent.
These agreements aim to deepen cooperation between both countries while promoting safe migration and easing trade barriers. They were signed by UK Home Secretary Shabana Mahmood, UK Trade Envoy Florence Eshalomi, and Nigeria's Minister of Interior, Dr Olubunmi Tunji-Ojo.
Following the visit, the Federal Government, through the Nigeria Investment Promotion Council, engaged experts from 30 United Kingdom companies to advance the trade and investment agreements reached during the State Visit in March. This engagement followed the UK's first trade and investment mission to Nigeria since the visit.
