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Nigeria's 16-month trade surplus with Canada has come to an end after exports to the North American country plummeted by a staggering 99.55% in June 2026. According to Nairametrics Research, Nigeria's exports to Canada dwindled to just N1.54 billion, in stark contrast to the N341.33 billion exported in May 2026. The major contributor to the decline was the export of Soya bean products, which dropped by 79% from N11.15 billion in Q1 2026 to N2.39 billion in Q2 2026.

The reversal in the trade balance was primarily triggered by the sharp decline in Nigeria's exports to Canada, which outweighed the increase in imports during the period. June's trade deficit of N23.21 billion marked a significant shift from Nigeria's consistent export performance to Canada since February 2025. In June 2025, Nigeria enjoyed a trade surplus of N421.80 billion with Canada.

This shift in trade dynamics appears to be driven more by the structure of bilateral trade, lacking any preferential trade agreement between Nigeria and Canada. While Nigeria maintained substantial trade surpluses with Canada in the first half of 2026, the June deficit highlighted the extent to which Nigeria's trade balance with Canada has been contingent on the value and timing of exports.

The June deficit, therefore, capped a weaker first-half performance in Nigeria's bilateral trade with Canada, especially on the export side. The June outcome will remain a key indicator for future trade reports to assess whether the N1.54 billion export figure was a temporary disruption or the onset of a broader slowdown in Nigeria's exports to Canada.