Nigeria’s current account surplus rises sharply to $4.98bn
Nigeria’s current account surplus has seen a significant increase, according to the Central Bank of Nigeria’s latest Balance of Payments report. The surplus was driven by higher crude oil, gas, and refined petroleum exports, alongside a steep drop in petroleum product imports. The report also highlights changes in other components such as services, primary income, and remittances. CBN data shows notable shifts in both exports and imports during the period.
What we know
- Nigeria’s current account surplus rose by 255.7% quarter-on-quarter to $4.98bn in the first quarter of 2026, compared to $1.40bn in the fourth quarter of 2025 and $3.41bn in the first quarter of 2025.
- Crude oil export earnings increased to $8.11bn in Q1 2026 from $6.77bn in Q4 2025, while gas exports rose to $2.53bn from $2.24bn.
- Refined petroleum product imports dropped by 87.5% to $0.31bn from $2.48bn in the preceding quarter.
- The goods account surplus reached $5.95bn in Q1 2026, up from $1.77bn in Q4 2025 and $3.35bn in Q1 2025.
- Nigeria’s external reserves climbed to $48.35bn at the end of March 2026 from $45.75bn at the end of December 2025.
