Oil Exports Drive Nigeria’s Current Account Surplus to $4.98bn in Q1 2026

Nigeria’s current account surplus rose significantly to $4.98 billion in the first quarter of 2026, driven by stronger crude oil, gas and refined petroleum exports, as well as a substantial decline in fuel imports, according to the latest Balance of Payments report released by the Central Bank of Nigeria.

The apex bank disclosed that the surplus represented a 255.7 per cent increase from the $1.40 billion recorded in the fourth quarter of 2025 and was also higher than the $3.41 billion posted in the corresponding period of 2025.

According to the report, improved export earnings and lower import bills contributed significantly to the stronger external sector performance during the review period.

Crude oil export earnings increased to $8.11 billion in the first quarter of 2026 from $6.77 billion in the previous quarter. Gas exports also rose to $2.53 billion from $2.24 billion, while refined petroleum product exports climbed to $2.37 billion from $1.97 billion.

At the same time, imports of refined petroleum products dropped sharply by 87.5 per cent to $0.31 billion compared to $2.48 billion recorded in the preceding quarter.

The goods account recorded a surplus of $5.95 billion, a significant improvement from the $1.77 billion achieved in the fourth quarter of 2025. Total exports rose to $15.49 billion from $13.36 billion, while total imports declined to $9.54 billion from $11.59 billion.

The report also showed that non-oil exports improved slightly to $2.49 billion, while non-oil imports fell to $7.85 billion during the period.

Despite the positive performance in trade, net out-payments on services increased to $3.71 billion from $3.32 billion, mainly due to higher spending on travel and business services abroad.

The primary income deficit narrowed to $2.83 billion from $3.27 billion, reflecting lower dividend and interest payments to foreign investors.

Meanwhile, Nigeria recorded an overall balance of payments surplus of $2.38 billion in the first quarter of 2026. External reserves also increased to $48.35 billion at the end of March 2026, compared with $45.75 billion recorded at the end of December 2025, further strengthening the country’s external position.