ABUJA, Nigeria – Nigeria’s current account surplus surged by 255.7 per cent in the first quarter of 2026, reaching $4.98 billion, driven by stronger oil and gas exports and a dramatic fall in fuel imports, according to new data from the Central Bank of Nigeria (CBN).
The figure marks a sharp increase from the $1.40 billion recorded in the fourth quarter of 2025 and exceeds the $3.41 billion posted in the corresponding period last year.
In its latest Balance of Payments report released on Wednesday, the CBN said the improved external position was fuelled by rising crude oil earnings and a steep reduction in petroleum imports.
“Provisional balance of payments statistics for Q1 2026 show a current account surplus of $4.98bn,” the apex bank stated.
Crude oil exports rose by 19.8 per cent quarter-on-quarter to $8.11 billion, while gas exports increased to $2.53 billion. Refined petroleum product exports climbed to $2.37 billion.
Meanwhile, refined petroleum imports plunged by 87.5 per cent, falling from $2.48 billion in Q4 2025 to just $310 million in Q1 2026.
The improvement significantly boosted the current account surplus, with the goods account recording a surplus of $5.95 billion, up from $1.77 billion in the previous quarter.
Total exports increased to $15.49 billion, while imports declined to $9.54 billion, reflecting reduced dependence on imported fuel.
However, the report highlighted mixed trends elsewhere. Diaspora remittances declined to $5.30 billion from $5.72 billion, while net service outflows increased to $3.71 billion, driven by higher spending on travel and business services.
Despite the stronger external position, Nigeria’s financial account remained in net borrowing territory at $2.51 billion.
External reserves rose to $48.35 billion by the end of March 2026, up from $45.75 billion in December 2025.
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