Adedokun Waliyu 
Nigeria’s current account surplus rose sharply by 255.7 per cent quarter-on-quarter to $4.98 billion 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.
This was disclosed in the latest Balance of Payments Report released by the Central Bank of Nigeria (CBN).
According to the CBN, provisional Balance of Payments statistics for the first quarter of 2026 showed a current account surplus of $4.98 billion, compared with $1.40 billion in the fourth quarter of 2025 and $3.41 billion in the corresponding period of 2025.
The report showed that the current account surplus increased by 255.71 per cent from the previous quarter and was 46.04 per cent higher than the figure recorded in the first quarter of 2025.
The CBN attributed the improvement to 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 outflows on the primary income account.
Crude oil export earnings rose to $8.11 billion in the first quarter of 2026 from $6.77 billion in the previous quarter, while gas exports increased to $2.53 billion from $2.24 billion. Refined petroleum product exports also climbed to $2.37 billion from $1.97 billion.
At the same time, refined petroleum product imports fell sharply by 87.5 per cent, dropping to $310 million from $2.48 billion in the previous quarter.
The report showed that the goods account, the largest component of the current account, recorded a surplus of $5.95 billion, compared with $1.77 billion in the fourth quarter of 2025 and $3.35 billion in the first quarter of 2025.
The CBN explained that the stronger goods account was supported by an increase in total exports to $15.49 billion from $13.36 billion, largely due to higher crude oil and gas exports. Meanwhile, total imports declined 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 to $8.11 billion, while gas exports rose by 12.95 per cent to $2.53 billion. Refined petroleum product exports grew by 20.3 per cent to $2.37 billion, while non-oil exports increased slightly 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, while refined petroleum product imports dropped to $310 million from $2.48 billion. However, crude oil imports increased to $1.39 billion from $340 million in the previous quarter.
The report also showed mixed performances across other components of the current account. Net outflows on services increased to $3.71 billion from $3.32 billion, mainly due to higher spending on travel and other business services.
Meanwhile, 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 largely captures remittance inflows, declined to $5.57 billion from $6.21 billion, while personal remittances from Nigerians in the diaspora fell to $5.30 billion from $5.72 billion.
Despite the stronger current account position, the financial account remained in a net borrowing position. Net borrowing increased to $2.51 billion in the first quarter of 2026 from $1.96 billion in the previous quarter.
Portfolio investment inflows rose to $6.03 billion from $5.27 billion, while direct investment inflows moderated slightly to $1.03 billion from $1.11 billion. Nigerian investments abroad recorded outflows of $200 million under direct investment assets and $260 million under portfolio assets.
The CBN said these developments reflected stronger portfolio investment inflows, a slight decline in direct investment, growth in external reserves and increased acquisition of foreign portfolio assets by Nigerian residents.
Overall, Nigeria recorded a Balance of Payments surplus of $2.38 billion in the first quarter of 2026, slightly lower than the $2.67 billion surplus recorded in the previous quarter.
The country’s external reserves, however, increased significantly to $48.35 billion at the end of March 2026, up from $45.75 billion at the end of December 2025.
The report also noted that net errors and omissions widened to a deficit of $7.49 billion, compared with a deficit of $3.36 billion in the preceding quarter.
According to the CBN, improvements in oil production, rising petroleum exports and reduced dependence on imported fuel strengthened Nigeria’s external position during the first quarter of 2026, helping to offset weaker remittance inflows and higher service-related outflows.
