Nigeria recorded a current account surplus of $4.98 billion in the first quarter of 2026, supported by higher earnings from crude oil, natural gas and refined petroleum exports, according to the latest Balance of Payments report released by the Central Bank of Nigeria (CBN).
The figure represents a sharp increase from the $1.40 billion surplus recorded in the fourth quarter of 2025 and is also higher than the $3.41 billion posted in the corresponding period of 2025.
The CBN attributed the stronger performance to increased export revenues from the oil and gas sector, a significant drop in refined petroleum product imports and reduced payments on the primary income account.
Data from the report showed that crude oil export earnings rose to $8.11 billion during the quarter, up from $6.77 billion in the previous quarter. Gas exports increased to $2.53 billion from $2.24 billion, while exports of refined petroleum products climbed to $2.37 billion from $1.97 billion.
At the same time, imports of refined petroleum products fell sharply to $310 million from $2.48 billion recorded in the preceding quarter, reflecting a growing reduction in the country’s dependence on imported fuel.
Nigeria’s goods account, a major component of the current account, recorded a surplus of $5.95 billion in the first quarter, compared with $1.77 billion in the previous quarter and $3.35 billion a year earlier.
The improvement was driven by higher export earnings and lower import bills. Total exports increased to $15.49 billion from $13.36 billion in the previous quarter, while imports declined to $9.54 billion from $11.59 billion.
Crude oil exports rose by nearly 20 per cent during the quarter, while gas exports and refined petroleum exports also posted double-digit growth. Non-oil exports recorded a modest increase to $2.49 billion.
On the import side, non-oil imports declined to $7.85 billion, while refined petroleum imports registered the steepest fall. However, crude oil imports increased to $1.39 billion from $340 million in the preceding quarter.
The report also revealed that net payments for services rose to $3.71 billion, mainly due to increased spending on travel and business-related services.
Meanwhile, the deficit on the primary income account narrowed to $2.83 billion, reflecting lower dividend and interest payments to foreign investors.
The secondary income account, which largely reflects remittances from Nigerians abroad, recorded a surplus of $5.57 billion, down from $6.21 billion in the previous quarter. Personal remittance inflows declined to $5.30 billion from $5.72 billion.
Despite the stronger current account position, Nigeria’s financial account remained in a net borrowing position, with net borrowing rising to $2.51 billion from $1.96 billion in the previous quarter.
Portfolio investment inflows strengthened to $6.03 billion, while direct investment inflows eased slightly to $1.03 billion. Nigerian investors also increased investments abroad through both direct and portfolio channels.
Overall, Nigeria posted a balance of payments surplus of $2.38 billion during the quarter, although this was lower than the $2.67 billion surplus recorded in the final quarter of 2025.
The country’s external reserves, however, improved significantly, rising to $48.35 billion at the end of March 2026 from $45.75 billion at the end of December 2025.
The latest figures suggest that stronger oil production, rising petroleum exports and reduced fuel imports continue to support Nigeria’s external sector performance, helping to offset weaker remittance inflows and rising service-related payments.
