Nigeria imported motor vehicles and automotive parts worth $602m from the United States between January and May 2026, marking a 41.3 per cent increase from the $426m recorded in the corresponding period of 2025, the latest data from the U.S. Census Bureau and the U.

The figures showed that passenger cars accounted for the largest share of exports to Nigeria during the five-month period.

Exports of automotive parts also increased to $122m from $86m, indicating a 41.9 per cent year-on-year rise. However, exports of trucks, buses and special-purpose vehicles declined by 10.3 per cent to $26m from $29m recorded in the same period last year.

On a monthly basis, Nigeria imported $124m worth of motor vehicles and parts from the U.S. in May 2026, slightly lower than the $131m recorded in April.

Passenger car imports declined to $93m in May from $98m in April, while imports of trucks, buses and special-purpose vehicles fell marginally to $6m from $7m. Automotive parts imports remained unchanged at $26m in both months.

Compared with May 2025, however, total imports rose by 30.5 per cent from $95m to $124m. Passenger car imports increased by 32.9 per cent from $70m in May 2025 to $93m in May 2026, while automotive parts imports rose by 36.8 per cent from $19m to $26m. Imports of trucks, buses and special-purpose vehicles declined slightly from $7m to $6m over the same period.

The report also showed that total U.S. exports of motor vehicles and parts to all countries stood at $66.08bn in the first five months of 2026, compared with $69.32bn in the corresponding period of 2025, representing a 4.7 per cent decline.

Passenger car exports fell to $19.52bn from $22.04bn year-on-year, while exports of trucks, buses and special-purpose vehicles edged up marginally to $10.99bn from $10.94bn.

Automotive parts remained the largest export segment, although shipments declined to $35.56bn from $36.33bn in the same period of 2025.

Canada remained the largest destination for U.S. automotive exports during the period, receiving $24.70bn worth of vehicles and parts, followed by Mexico with $16.83bn and Germany with $3.72bn.

Among African countries listed in the report, Nigeria recorded the highest value of U.S. automotive imports at $602m, ahead of South Africa, which imported $313m worth of vehicles and parts during the first five months of 2026.

The Nigerian Ports Authority stated that the total number of vehicles handled in Nigeria during the first quarter of 2026 rose to 58,870 units from 35,262 units recorded in the corresponding period of 2025, representing a 67 per cent increase.

The NPA disclosed this in its Q1 2026 Operational Performance Review. “Vehicle traffic also emerged as a major growth area, with total vehicle units handled rising sharply by 67 per cent to 58,870 units during the quarter, compared to 35,262 units in the same period last year,” the NPA said.

Analysts say the figures reflect renewed confidence among importers as exchange rate volatility eased and access to foreign exchange improved, even though vehicle prices remain high.

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture has opened applications for a $150m offshore expansion facility designed to provide Nigerian businesses with long-term, single-digit interest financing for expansion and modernisation.

The association disclosed this in a statement issued on Sunday, saying eligible companies can now submit applications through a dedicated digital portal unveiled during the Infrastructure Conference 2026 held at the Afrexim Tower in Abuja.

According to the statement, the financing initiative was developed in partnership with Germany-based commercial banking group ODDO BHF SE to improve access to foreign capital for Nigerian businesses and strengthen the country’s organised private sector.

The statement read, “The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, under the leadership of Jani Ibrahim, has officially commenced applications for its $150m Offshore Expansion Facility, a financing initiative developed in collaboration with Germany’s ODDO BHF SE to support the growth and modernisation of Nigerian businesses.”

It said the platform represents a major step in digitising the origination of foreign direct investment for Nigerian enterprises.

The operational framework and application portal were jointly unveiled by the Chairman of the Joint NACCIMA-ODDO BHF Working Group Committee and former Managing Director of the Bank of Industry, Waheed Olagunju, and NACCIMA’s Digital Economy Coordinator and Chairman of the Digital Economy Trade Group, Segun Olugbile.

The statement said the facility would provide qualified Nigerian companies with access to patient, long-term expansion capital at single-digit interest rates.

It added that funding would prioritise manufacturing, excluding defence-related businesses, agro-allied processing, energy, logistics, mineral beneficiation and transportation, while 20 per cent of the total facility had been reserved for the digital economy and information and communication technology sector.

Speaking at the unveiling, Olagunju said the initiative was aimed at creating a transparent investment pipeline capable of attracting international investors while supporting the expansion of viable Nigerian companies.

“What we are launching today is a transparent, globally aligned investment origination pipeline as a demonstration of investors’ confidence in Nigeria’s economy,” he said.

Olagunju explained that the Joint NACCIMA-ODDO Committee had developed a framework to enable viable and environmentally compliant Nigerian businesses to obtain financing beginning from `$10m.

“The Joint NACCIMA-ODDO Committee has developed a rigorous framework that enables viable, ESG-compliant Nigerian enterprises to access capital, starting at a minimum of $`10 million, to acquire the European machinery, equipment, and technology needed to scale their operations,” he said.

The statement added that the digital application platform was built with bank-grade encryption and incorporated automated Know-Your-Customer verification processes to protect applicants’ financial information.

“To attract world-class European investment, our digital infrastructure must inspire absolute confidence and trust. This secure e-Portal has been developed with bank-grade encryption and complies with existing regulations. It automates Know-Your-Customer verification and integrates a secure framework to ensure that the proprietary financial information of applicants remains fully protected throughout the transaction process,” Olagunju added.

According to the statement, each successful applicant can access a minimum financing package of `$10m with a repayment tenure of at least seven and a half years.

It noted that beneficiaries would be required to commit between 35 and 50 per cent of the financing to procuring eligible machinery, equipment, goods and services from Europe, while the remaining funds could be deployed within Nigeria or other approved markets.

The association said only financially viable businesses with proven repayment capacity would qualify for the facility.

Applicants are required to submit at least three years of audited financial statements, demonstrate compliance with environmental, social and governance standards, and be verified financial members of recognised organised private sector associations, including NACCIMA, the Manufacturers Association of Nigeria, the Nigerian Association of Small and Medium Enterprises or the Nigerian Association of Small Scale Industrialists.

The statement described the initiative as part of NACCIMA’s broader efforts to establish credible international financing channels for Nigerian businesses.

“This initiative underlines NACCIMA’s commitment to building credible international financing pathways for Nigerian industries. By securing long-term capital through strategic global partnerships, we aim to enhance private sector competitiveness and drive sustainable industrial transformation across the nation,” the association stated.

NACCIMA said the financing programme is expected to support industrial expansion, technology acquisition, productivity improvement and increased competitiveness among Nigerian businesses seeking to scale operations through access to long-term foreign capital.

Vice President Kashim Shettima, World Trade Organization Director-General Ngozi Okonjo-Iweala and Kenyan scholar Prof. Patrick Lumumba have arrived in Asaba ahead of the Delta State Economic and Investment Summit scheduled for Monday.

The summit is expected to serve as a platform for driving economic transformation, boosting investor confidence, fostering strategic partnerships and attracting local and foreign direct investment into Delta State.

Shettima, who arrived on Sunday, was received at the Asaba International Airport by Delta State Governor Sheriff Oborevwori, alongside top government officials and political leaders.

The Vice President is expected to speak at the summit on how President Bola Tinubu’s Renewed Hope Agenda reforms have created opportunities for investment and business growth in Delta State.

Confirming the Vice President’s arrival in a Facebook post on Sunday, the Senior Special Assistant on Media to the Delta State Governor, Ossai Success, wrote: “Vice President Shettima Arrives Asaba Ahead of Delta State Economic And Investment Summit held tomorrow in Asaba.”

He added that “The Delta State Governor Rt Hon Sheriff Oborevwori led a delegation to receive the Vice President at the Asaba International Airport.”

Okonjo-Iweala also arrived in Asaba on Sunday ahead of the summit.

Announcing her arrival, Ossai wrote, “Touchdown Asaba is Dr. Ngozi Okonjo-Iweala Ahead of the Delta State Economic and Investment Summit 2026 Holding Tomorrow In Asaba. Come and Invest In Delta State.”

Also on Sunday, keynote speaker Prof. PLO Lumumba arrived in the Delta State capital.

According to Ossai, “Prof. Patrick Lumumba just arrived in Asaba ahead of the Delta State Economic and Investment Summit held tomorrow in Asaba.”

He added that “The Commissioner for Higher Education, Prof. Nyerhovwo Tonukari received the keynote Speaker, Prof. PLO Lumumba, ahead of the Delta State Economic and Investment Summit held tomorrow in Asaba.”

The Delta State Economic and Investment Summit is expected to bring together government officials, business leaders, investors and development partners to explore investment opportunities across key sectors of the state’s economy.