Nigeria's current account surplus experienced a significant surge of 255.7 per cent quarter-on-quarter, reaching $4.98 billion in the first quarter of 2026. This substantial increase was primarily fueled by higher crude oil, gas, and refined petroleum exports, coupled with a steep decline in petroleum product imports.
The Central Bank of Nigeria (CBN), in its Q1 2026 Balance of Payments Highlights, reported that the surplus surpassed the $1.40 billion recorded in the preceding quarter (Q4 2025) and the $3.41 billion from the corresponding period in 2025. The surplus was 46.04 per cent higher than that of Q1 2025.
The improvement in the current account was supported by increased earnings from crude oil, gas, and refined petroleum product exports. Additionally, a significant reduction in refined petroleum product imports and lower net out-payments on the primary income account contributed to the surplus.
Crude oil export earnings climbed to $8.11 billion in Q1 2026 from $6.77 billion in Q4 2025. Gas exports saw an increase to $2.53 billion from $2.24 billion, while refined petroleum product exports rose to $2.37 billion from $1.97 billion. Concurrently, refined petroleum product imports plummeted by 87.5 per cent to $0.31 billion, down from $2.48 billion in the previous quarter.
The goods account, a major component of the current account, recorded a surplus of $5.95 billion in Q1 2026, a substantial rise from $1.77 billion in Q4 2025 and $3.35 billion in Q1 2025. This stronger position was underpinned by a rise in total exports to $15.49 billion from $13.36 billion, largely due to higher crude oil and gas exports. Total imports fell to $9.54 billion from $11.59 billion, reflecting lower imports of refined petroleum products and non-oil goods.
Crude oil exports increased by 19.79 per cent quarter-on-quarter to $8.11 billion, while gas exports rose by 12.95 per cent to $2.53 billion. Refined petroleum product exports jumped by 20.3 per cent to $2.37 billion. Non-oil exports also improved marginally by 4.62 per cent to $2.49 billion.
On the import side, non-oil imports declined by 10.49 per cent to $7.85 billion. However, crude oil imports rose to $1.39 billion from $0.34 billion in Q4 2025.
Other components of the current account showed mixed performances. Net out-payments on services increased to $3.71 billion from $3.32 billion, driven by higher net debits in travel and other business services. The primary income deficit narrowed to $2.83 billion from $3.27 billion, reflecting lower dividend and interest payments to foreign investors.
The secondary income account surplus, which captures remittance inflows, declined to $5.57 billion from $6.21 billion. Personal transfers from Nigerians in the diaspora fell to $5.30 billion from $5.72 billion in Q4 2025.
Despite the stronger current account, the financial account remained in a net borrowing position, increasing to $2.51 billion in Q1 2026 from $1.96 billion in the previous quarter. Portfolio investment inflows strengthened to $6.03 billion from $5.27 billion, while direct investment inflows moderated slightly to $1.03 billion from $1.11 billion.
Nigeria recorded an overall balance of payments surplus of $2.38 billion in Q1 2026, lower than the $2.67 billion surplus in Q4 2025. The stock of external reserves rose significantly to $48.35 billion at the end of March 2026 from $45.75 billion at the end of December 2025.
Net errors and omissions widened to negative $7.49 billion in Q1 2026 from negative $3.36 billion in the preceding quarter. The overall figures indicate that improvements in oil production, rising petroleum exports, and reduced dependence on imported fuel strengthened Nigeria’s external position in Q1 2026.
