ABUJA, Nigeria (VOICE OF NAIJA)-Nigeria’s current account surplus surged to $4.98bn in the first quarter of 2026, driven by higher earnings from crude oil, gas and refined petroleum exports, as well as a sharp decline in petroleum product imports, according to the latest Balance of Payments report released by the Central Bank of Nigeria on Wednesday.
The figure represents a 255.7 per cent increase from the $1.40bn surplus recorded in the fourth quarter of 2025 and is 46 per cent higher than the $3.41bn recorded in the corresponding period of 2025.
In its Q1 2026 Balance of Payments Highlights, the apex bank stated that “provisional balance of payments statistics for Q1 2026 show a current account surplus of $4.98bn, which was higher than the $1.40bn and $3.41bn recorded in the preceding quarter (Q4 2025) and corresponding period (Q1 2025), respectively.”
According to the report, the improved current account position was supported by stronger crude oil, gas and refined petroleum product exports, alongside a significant reduction in refined petroleum product imports and lower net out-payments on the primary income account.
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Crude oil export earnings rose to $8.11bn in the review period from $6.77bn in the previous quarter, 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, refined petroleum product imports fell sharply by 87.5 per cent to $0.31bn from $2.48bn in the fourth quarter of 2025.
The report showed that the goods account, the largest component of the current account, recorded a surplus of $5.95bn in Q1 2026, compared to $1.77bn in the preceding quarter and $3.35bn in the corresponding period of 2025.
The CBN stated, “The goods account (a major sub-account in the current account) recorded a significantly higher surplus of $5.95bn in Q1 2026, as against $1.77bn and $3.35bn recorded in the preceding quarter and corresponding period of 2025.”
The stronger performance was driven by a rise in total exports to $15.49bn from $13.36bn in Q4 2025, largely on the back of increased crude oil and gas exports.
Total imports, however, declined to $9.54bn from $11.59bn during the period, reflecting lower imports of refined petroleum products and non-oil goods.
Crude oil exports grew by 19.79 per cent quarter-on-quarter to $8.11bn, while gas exports increased by 12.95 per cent to $2.53bn. Refined petroleum exports rose by 20.3 per cent to $2.37bn, while non-oil exports edged up by 4.62 per cent to $2.49bn.
On the import side, non-oil imports declined by 10.49 per cent to $7.85bn, while refined petroleum imports dropped significantly. Crude oil imports, however, increased to $1.39bn from $0.34bn in the previous quarter.
The report also showed mixed performance across other components of the current account. Net out-payments on services rose to $3.71bn from $3.32bn, largely due to higher spending on travel and business services.
“The increase in net out-payments for services was largely due to increases in net debits in travel and other business services,” the bank stated.
Meanwhile, the primary income deficit narrowed to $2.83bn from $3.27bn, reflecting lower dividend and interest payments to foreign investors.
According to the report, “This was largely attributable to a decrease in out-payments (dividend and interest) to non-residents’ investments, mostly to direct investors.”
The secondary income account surplus, which largely reflects remittance inflows, declined to $5.57bn from $6.21bn in the previous quarter. Personal remittances from Nigerians in the diaspora also fell to $5.30bn from $5.72bn.
Despite the stronger current account performance, Nigeria’s financial account remained in a net borrowing position, with net borrowing rising to $2.51bn in Q1 2026 from $1.96bn in Q4 2025.
Portfolio investment inflows increased to $6.03bn from $5.27bn, while direct investment inflows moderated slightly to $1.03bn from $1.11bn.
Nigerian investments abroad recorded outflows of $0.20bn under direct investment assets and $0.26bn under portfolio assets.
The CBN attributed developments in the financial account to stronger portfolio investment inflows, a slight decline in direct investment inflows, growth in external reserves and increased acquisition of foreign portfolio assets by residents.
Further analysis showed that Nigeria recorded an overall balance of payments surplus of $2.38bn in the first quarter, lower than the $2.67bn surplus recorded in the preceding quarter.
However, the country’s external reserves rose to $48.35bn at the end of March 2026 from $45.75bn at the end of December 2025.
The report also noted a deterioration in net errors and omissions, which widened to negative $7.49bn from negative $3.36bn in the previous quarter.
The latest figures suggest that higher oil production, rising petroleum exports and reduced dependence on imported fuel continued to strengthen Nigeria’s external position during the first quarter of 2026, helping to offset weaker remittance inflows and higher service-related outflows.