Nigeria’s current account surplus rose by 255.71% to $4.98 billion in the first quarter of 2026, from $1.40 billion in the fourth quarter of 2025, according to provisional balance of payments statistics released by the Central Bank of Nigeria (BOP).
- +Nigeria’s current account surplus surges by 256% to $4.98 billion in Q1 2026
The surplus was also 46.04% higher than the $3.41 billion recorded in the corresponding period of 2025, indicating a stronger external position driven largely by higher export receipts, lower petroleum product imports and reduced primary income outflows.
The surplus was also 46.04% higher than the $3.41 billion recorded in the corresponding period of 2025, indicating a stronger external position driven largely by higher export receipts, lower petroleum product imports and reduced primary income outflows.
The CBN’s Balance of Payments Highlights for Q1 2026 showed that the improvement was supported by a stronger goods account surplus, which rose to $5.95 billion from $1.77 billion in the preceding quarter.
The report read, “Provisional balance of payments (BOP) statistics for Q1 2026 show a current account surplus of US$4.98 billion, which was higher than the $1.40 billion and $3.41 billion recorded in the preceding quarter (Q4 2025) and corresponding period (Q1 2025) respectively.”
According to the CBN, total exports rose to $15.49 billion in Q1 2026 from $13.36 billion in Q4 2025, largely due to higher crude oil, gas and refined petroleum product exports.
However, crude oil imports rose sharply to $1.39 billion from $0.34 billion, representing an increase of 308.82%.
Despite the stronger current account position, other components of the current account showed mixed performance.
This suggests that while trade flows provided strong support to the current account, remittance inflows softened during the period.
The financial account retained a net borrowing position of $2.51 billion in Q1 2026, compared with $1.96 billion in Q4 2025.
The report also showed that direct investment assets recorded an outflow of $0.20 billion, while portfolio assets recorded an outflow of $0.26 billion, reflecting Nigerian investments abroad during the period.
The CBN also reported that net errors and omissions widened to negative $7.49 billion, compared with negative $3.36 billion in the previous quarter.
The data point to an improved external sector position in Q1 2026, supported mainly by stronger oil-related exports and a steep reduction in refined petroleum imports, although weaker remittances, a wider services deficit and large net errors and omissions remain key pressure points.
Nairametrics earlier reported that Nigeria’s current account surplus declined sharply by 65.52% to $1.4 billion in the fourth quarter (Q4) of 2025, down from $4.06 billion recorded in the third quarter (Q3).
Also, the country’s overall balance of payments (BOP) surplus fell to $2.67 billion in Q4 2025, compared to $4.6 billion in the preceding quarter.
