Nigeria’s current account surplus recorded a significant increase of 255.7 per cent quarter-on-quarter, reaching $4.98bn in the first quarter of 2026, according to the latest Balance of Payments report released by the Central Bank of Nigeria (CBN).
The apex bank disclosed in its Q1 2026 report that the surplus rose from $1.40bn in the previous quarter and $3.41bn in the corresponding period of 2025, driven largely by stronger export earnings and a sharp reduction in fuel imports.
CBN data showed that improved performance in crude oil, gas and refined petroleum exports played a central role in the growth. Crude oil exports rose to $8.11bn from $6.77bn in Q4 2025, while gas exports increased to $2.53bn from $2.24bn. Refined petroleum product exports also climbed to $2.37bn from $1.97bn.
At the same time, imports of refined petroleum products dropped sharply by 87.5 per cent to $0.31bn, reflecting reduced reliance on fuel imports during the period.
The report noted that the goods account, the largest component of the current account, posted a surplus of $5.95bn, supported by higher export volumes and lower import bills. Total exports rose to $15.49bn, while imports fell to $9.54bn.
Non-oil exports also recorded modest growth, while non-oil imports declined by 10.49 per cent, contributing further to the improved external balance.
However, the services and income accounts showed mixed performance. Net payments for services rose to $3.71bn due to higher spending on travel and business-related services, while the primary income deficit narrowed to $2.83bn following lower dividend and interest payments to foreign investors.
Remittance inflows through the secondary income account declined to $5.57bn, reflecting reduced personal transfers from Nigerians abroad.
Despite the strong current account performance, the financial account remained in deficit, with net borrowing rising to $2.51bn. Portfolio investment inflows increased during the period, while direct investment inflows saw a slight decline.
Overall, Nigeria recorded a balance of payments surplus of $2.38bn in Q1 2026, although this was lower than the previous quarter. External reserves also strengthened, rising to $48.35bn by the end of March 2026.
The CBN attributed the improved external position to increased crude oil production, higher export earnings and reduced fuel import dependence, even as challenges such as weaker remittance inflows and rising service payments persisted.
