Oil exports drive Nigeria’s current account surplus to $4.98bn

Nigeria’s current account surplus rose sharply by 255.7 per cent quarter-on-quarter to $4.98bn in the first quarter of 2026, driven by higher crude oil, gas and refined petroleum exports, as well as a steep decline in petroleum product imports, according to the latest Balance of Payments report released by the Central Bank of Nigeria on Wednesday.

The apex bank, in its Q1 2026 Balance of Payments Highlights, 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.”

The report showed that the current account surplus expanded by 255.71 per cent from the $1.40bn recorded in the fourth quarter of 2025 and was 46.04 per cent higher than the $3.41bn surplus posted in the corresponding period of 2025.

According to the CBN, the improvement was supported by increased earnings from crude oil exports, gas exports and refined petroleum product exports, alongside a significant reduction in refined petroleum product imports and lower net out-payments on the primary income account

The report noted that crude oil export earnings rose to $8.11bn in Q1 2026 from $6.77bn in Q4 2025, while gas exports increased to $2.53bn from $2.24bn. Refined petroleum product exports also climbed to $2.37bn from $1.97bn during the period. At the same time, refined petroleum product imports plunged by 87.5 per cent to $0.31bn from $2.48bn in the preceding quarter.

A breakdown of the external sector data showed that the goods account, which is the largest component of the current account, recorded a surplus of $5.95bn in Q1 2026, compared with $1.77bn in Q4 2025 and $3.35bn in Q1 2025.

The CBN said, “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 goods account position was underpinned by a rise in total exports to $15.49bn from $13.36bn in the previous quarter, largely due to higher crude oil and gas exports. Meanwhile, total imports fell to $9.54bn from $11.59bn, reflecting lower imports of refined petroleum products and non-oil goods.

Crude oil exports increased by 19.79 per cent quarter-on-quarter to $8.11bn, while gas exports rose by 12.95 per cent to $2.53bn. Refined petroleum product exports jumped by 20.3 per cent to $2.37bn. Non-oil exports also improved marginally 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 product imports dropped sharply to $0.31bn from $2.48bn. However, crude oil imports rose to $1.39bn from $0.34bn recorded in Q4 2025.

The report also showed mixed performances across other current account components. Net out-payments on services increased to $3.71bn from $3.32bn, driven largely by higher net debits in travel and other 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.

The primary income deficit narrowed to $2.83bn from $3.27bn in the preceding quarter, 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 captures remittance inflows, declined to $5.57bn from $6.21bn. Personal transfers from Nigerians in the diaspora fell to $5.30bn from $5.72bn in Q4 2025.