Oil exports lift Nigeria’s current account surplus to $4.98 billion in Q1 2026

Nigeria’s current account surplus climbed sharply in the first quarter of 2026, rising 255.7% to $4.98 billion, supported by stronger crude oil and gas exports and a steep drop in petroleum product imports, according to data from the Central Bank of Nigeria (CBN).

Figures from the latest Balance of Payments report released by the bank on Wednesday showed the surplus was well above $1.4 billion recorded in Q4 2025 and $3.41 billion in the same period last year. The Central Bank of Nigeria said the improvement reflected higher export earnings and reduced import pressure in the energy trade.

Crude export surge drives trade surplus

Crude oil export earnings rose to $8.11 billion in Q1 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 advanced to $2.37 billion from $1.97 billion over the same period.

At the same time, refined petroleum imports dropped sharply by 87.5 percent to $310 million from $2.48 billion in Q4 2025, marking one of the steepest quarterly declines in recent periods. Non-oil imports also eased, helping reduce overall import pressure even as crude oil imports rose to $1.39 billion from $340 million.

The goods account, which makes up the largest share of the current account, recorded a surplus of $5.95 billion, compared with $1.77 billion in the previous quarter and $3.35 billion a year earlier. Total exports rose to $15.49 billion from $13.36 billion, while imports fell to $9.54 billion from $11.59 billion.

Export performance was led by crude oil, which increased 19.79 percent quarter-on-quarter, alongside a 12.95 percent rise in gas exports. Non-oil exports also edged higher to $2.49 billion. On the import side, non-oil purchases declined 10.49 percent to $7.85 billion.

Diaspora remittances fall to $5.3 billion

Elsewhere in the external accounts, net outpayments for services widened to $3.71 billion from $3.32 billion, driven by higher spending on travel and business services. The primary income deficit narrowed to $2.83 billion from $3.27 billion, reflecting lower dividend and interest payments to foreign investors.

Remittance-related inflows under the secondary income account fell to $5.57 billion from $6.21 billion, with personal transfers from Nigerians abroad declining to $5.3 billion.

In the financial account, net borrowing increased to $2.51 billion from $1.96 billion, as portfolio investment inflows rose to $6.03 billion. Direct investment inflows, however, eased slightly to $1.03 billion. Residents also increased overseas investment during the period.

Despite the stronger external trade position, the overall balance of payments surplus moderated to $2.38 billion from $2.67 billion in Q4 2025. External reserves rose to $48.35 billion at the end of March 2026, up from $45.75 billion three months earlier. The report also showed net errors and omissions widened to negative $7.49 billion, compared with negative $3.36 billion in the previous quarter, underscoring continued gaps in recorded external transactions.