Oil exports boost Nigeria’s current account surplus
Nigeria’s current account surplus surged, largely due to increased crude oil, gas, and refined petroleum exports, as well as a sharp drop in petroleum product imports. The Central Bank of Nigeria’s latest Balance of Payments report highlights significant improvements across several external sector indicators. The data also shows changes in imports, remittance inflows, and investment flows. Q1 2026, Q4 2025, and Q1 2025 are key periods referenced in the report.
TLDR
- Nigeria’s current account surplus rose by 255.7% quarter-on-quarter to $4.98bn in Q1 2026, up from $1.40bn in Q4 2025 and $3.41bn in Q1 2025.
- Crude oil export earnings increased to $8.11bn in Q1 2026 from $6.77bn in Q4 2025, while gas and refined petroleum product exports also saw notable gains.
- Refined petroleum product imports plunged by 87.5% to $0.31bn from $2.48bn in the preceding quarter.
- The goods account surplus reached $5.95bn in Q1 2026, compared to $1.77bn in Q4 2025 and $3.35bn in Q1 2025.
- The stock of external reserves rose to $48.35bn at the end of March 2026 from $45.75bn at the end of December 2025.
