Nigeria's current account surplus surges to $4.98bn in Q1 2026, driven by oil and gas exports
via Punch Nigeria4 min read
Nigeria's current account surplus saw a significant increase of 255.7 percent quarter-on-quarter, reaching $4.98 billion in the first quarter of 2026. This surge was primarily fueled by higher exports of crude oil, gas, and refined petroleum products, coupled with a sharp decline in refined petroleum product imports. The Central Bank of Nigeria's latest Balance of Payments report, released on Wednesday, indicated that this Q1 2026 surplus surpassed the $1.40 billion recorded in Q4 2025 and the $3.41 billion in Q1 2025. The improvement was also supported by lower net out-payments on the primary income account. Crude oil export earnings rose to $8.11 billion from $6.77 billion, gas exports increased to $2.53 billion from $2.24 billion, and refined petroleum product exports climbed to $2.37 billion from $1.97 billion. Concurrently, refined petroleum product imports plummeted by 87.5 percent to $0.31 billion from $2.48 billion. The goods account, the largest component of the current account, recorded a surplus of $5.95 billion. Total exports increased to $15.49 billion, while total imports fell to $9.54 billion. Despite a stronger current account, the financial account remained in a net borrowing position, which increased to $2.51 billion. Overall, Nigeria recorded a balance of payments surplus of $2.38 billion in Q1 2026, and external reserves rose to $48.35 billion by the end of March 2026.
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This summary was AI-generated from a story originally published by Punch Nigeria.
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