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Nigeria’s current account surplus rose sharply by 255.7 per cent quarter-on-quarter to $4.98 billion in the first quarter of 2026, driven by higher crude oil, gas and refined petroleum exports as well as a significant decline in petroleum product imports.
The figure was contained in the latest Balance of Payments report released on Wednesday by the Central Bank of Nigeria.
According to the report, the current account surplus stood at $4.98 billion in Q1 2026, compared with $1.40billion in Q4 2025 and $3.41billion in the same period of 2025.
The CBN said the improvement was supported by increased export earnings and reduced import bills, particularly in refined petroleum products, alongside lower net outflows in the primary income account.
Crude oil export earnings rose to $8.11billion from $6.77billion in the previous quarter, while gas exports increased to $2.53billion from $2.24billion. Refined petroleum product exports also climbed to $2.37billion from $1.97billion.
In contrast, refined petroleum product imports dropped sharply by 87.5 per cent to $0.31billion from $2.48billion in the preceding quarter.
The report showed that the goods account, the largest component of the current account, recorded a surplus of $5.95billion in Q1 2026, compared with $1.77billion in Q4 2025.
Total exports rose to $15.49billion, driven mainly by crude oil and gas, while total imports declined to $9.54billion due to reduced fuel and non-oil imports.
Crude oil exports increased by 19.79 per cent, gas exports rose by 12.95 per cent, and non-oil exports also improved slightly.
On the import side, non-oil imports fell by 10.49 per cent, although crude oil imports increased to $1.39billion.
The report also noted a widening deficit in services due to higher spending on travel and business services, while the primary income deficit narrowed to $2.83billion as dividend and interest payments to foreign investors declined.
However, the secondary income surplus, largely driven by remittances, fell to $5.57billion from $6.21billion, reflecting lower diaspora inflows.
Despite the stronger current account performance, the financial account remained in a net borrowing position of $2.51billion, as portfolio and direct investment flows showed mixed trends.
Nigeria’s overall balance of payments recorded a surplus of $2.38billion in Q1 2026, while external reserves rose to $48.35billion at the end of March 2026.
The report indicated that improved oil production, higher exports and reduced fuel imports were key drivers of the stronger external position during the period.
