Nigeria’s Current Account Surplus Jumps 46% to $4.98 Billion
By Elizabeth Adegbesan
Nigeria’s current account surplus climbed by 46 per cent year-on-year to $4.98 billion in the first quarter of 2026 (Q1 2026), according to the latest Balance of Payments (BoP) report released by the Central Bank of Nigeria (CBN).
The apex bank disclosed that the surplus also recorded a significant quarter-on-quarter increase of 255.7 per cent, rising from $1.4 billion in the fourth quarter of 2025. Provisional BoP data showed that the Q1 2026 surplus of $4.98 billion surpassed both the $1.40 billion recorded in Q4 2025 and the $3.41 billion posted in the corresponding period of 2025.
The CBN attributed the stronger performance to increased export earnings and lower import spending, particularly within the oil sector.
According to the report, crude oil export earnings rose by 19.79 per cent to $8.11 billion from $6.77 billion, while gas exports increased by 12.95 per cent to $2.53 billion from $2.24 billion.
Earnings from refined petroleum product exports also grew by 20.3 per cent, reaching $2.37 billion compared to $1.97 billion in the previous period. Meanwhile, imports of refined petroleum products plunged by 87.5 per cent, falling sharply from $2.48 billion to $0.31 billion.
The report further revealed that net outflows under the primary income account declined by 13.46 per cent to $2.83 billion, down from $3.27 billion.
The CBN noted that the goods account, a key component of the current account, posted a surplus of $5.95 billion in Q1 2026, compared with $1.77 billion in Q4 2025 and $3.35 billion in Q1 2025.
Despite the improved current account position, the financial account remained in a net borrowing position, recording $2.51 billion in Q1 2026, up from $1.96 billion in the preceding quarter.