Nigeria's natural gas export earnings saw a notable increase, reaching $2.53 billion in the first quarter of 2026. This rise reflects improved performance in the country's natural gas sector and contributes positively to its external trade balance.
The figures, detailed in the Central Bank of Nigeria’s (CBN) Balance of Payments Highlights for Q1 2026, show an increase from the $2.24 billion recorded in the fourth quarter of 2025. This marks a 12.95% quarter-on-quarter growth in gas export receipts.
This expansion in earnings aligns with Nigeria's ongoing strategy to diversify its foreign exchange sources beyond crude oil, leveraging its substantial natural gas reserves and production capacity.
The CBN report highlighted that gas export earnings have maintained an upward trend throughout the first quarter of the year, reinforcing their growing importance to the national economy.
The surge in gas export revenue coincided with a significant improvement in Nigeria's goods account balance. The goods account posted a surplus of $5.95 billion in Q1 2026, a substantial increase from the $1.77 billion surplus recorded in the preceding quarter. This also represents a considerable improvement compared to the $3.35 billion surplus from the corresponding period in 2025.
These stronger export earnings, particularly from gas, provided additional support to Nigeria's external balances. The Federal Government continues to champion natural gas development through initiatives like the Decade of Gas, alongside expansions in export infrastructure.
Furthermore, Nigeria's overall external sector performance improved in Q1 2026. The country's current account surplus rose by 255.71% to $4.98 billion in Q1 2026, up from $1.40 billion in Q4 2025, with the goods account being the primary driver.
In a related development, Nigeria's petrol import bill saw a significant reduction, falling to N87.40 billion in Q1 2026 from N2.27 trillion in Q1 2025. This indicates a saving of N2.18 trillion on petrol imports compared to the same period in the previous year.
