Nigeria's current account surplus increases 46% to $4.98 billion

By Elizabeth Adegbesan

The Central Bank of Nigeria (CBN) reported that the country’s current account surplus increased by 46 percent year‑on‑year to $4.98 billion in the first quarter of 2026 (Q1’26).

The apex bank disclosed the figure in its Balance of Payments (BoP) report for the period, noting a 255.7 percent rise quarter‑on‑quarter from $1.4 billion in Q4’25.

Provisional BoP statistics show the $4.98 billion surplus exceeded the $1.40 billion recorded in Q4 2025 and the $3.41 billion reported for the same quarter in 2025.

CBN attributed the improvement to higher export earnings and lower import spending, especially in the oil sector.

Crude oil export earnings grew from $6.77 billion to $8.11 billion, a 19.79 percent increase, while gas export earnings rose from $2.24 billion to $2.53 billion, a 12.95 percent gain.

Export earnings from refined petroleum products also climbed from $1.97 billion to $2.37 billion, a 20.3 percent rise.

On the import side, refined petroleum product imports fell sharply from $2.48 billion to $0.31 billion, an 87.5 percent drop.

The bank noted a decline in net out‑payments in the primary income account from $3.27 billion to $2.83 billion, a 13.46 percent decrease.

The goods account, a major component of the current account, recorded a surplus of $5.95 billion in Q1’26, compared with $1.77 billion in Q4’25 and $3.35 billion in Q1’25.

However, the financial account remained in a net borrowing position, registering $2.51 billion in Q1’26, higher than the $1.96 billion recorded in the previous quarter.

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