Nigeria’s current account surplus recorded a massive 255.7 per cent quarter-on-quarter increase to $4.98bn in the first quarter of 2026, driven by a surge in energy exports and a dramatic collapse in petroleum product imports.
The latest Balance of Payments report released by the Central Bank of Nigeria (CBN) on Wednesday revealed that the surplus jumped from $1.40bn in Q4 2025. The figure also represents a 46.04 per cent increase compared to the $3.41bn surplus recorded in the corresponding period of 2025.
The apex bank attributed the robust performance to increased earnings from crude oil, gas, and refined petroleum exports, alongside a significant reduction in net out-payments on the primary income account.
**Export Boom and Import Slump**
A key driver of the surplus was the goods account, which saw its surplus widen to $5.95bn in Q1 2026, up from $1.77bn in the preceding quarter. Total exports rose to $15.49bn, underpinned by an 19.8 per cent increase in crude oil earnings to $8.11bn.
Notably, refined petroleum product exports climbed to $2.37bn, while imports of the same products plummeted by 87.5 per cent—dropping from $2.48bn in Q4 2025 to just $0.31bn in Q1 2026. This shift reflects Nigeria’s increasing domestic refining capacity and reduced reliance on foreign fuel.
**Income and Remittances**
The report also highlighted a narrowing of the primary income deficit to $2.83bn, down from $3.27bn, due to lower dividend and interest payments to foreign investors.
However, the secondary income account, which tracks diaspora remittances, saw a slight decline. Personal transfers from Nigerians abroad fell to $5.30bn from $5.72bn in the previous quarter, bringing the total secondary income surplus to $5.57bn.
**Financial Account and Reserves**
Despite the strong current account performance, the financial account remained in a net borrowing position of $2.51bn. This was influenced by a rise in portfolio investment inflows, which hit $6.03bn, while direct investment inflows moderated slightly to $1.03bn.
The CBN report further disclosed that Nigeria’s external reserves grew significantly, finishing the quarter at $48.35bn in March 2026, up from $45.75bn in December 2025.
The overall balance of payments for the period remained positive at $2.38bn, reinforcing Nigeria’s strengthening external position as the country pivots toward becoming a net exporter of refined petroleum products.
