• Goods account surplus of $4.94bn as total exports reach $15.24bn
••CBN attributes improvement to FX‑market reforms, monetary policy and energy‑sector gains
Nigeria recorded an overall Balance of Payments (BOP) surplus of $4.60 billion in the third quarter of 2025, reversing the deficit recorded in the preceding quarter, the Central Bank of Nigeria (CBN) said in data released on Friday. The turnaround was driven by a sustained current account surplus, stronger export receipts, resilient remittance inflows and increased participation by foreign investors.
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The current account posted a surplus of $3.42 billion, underpinned by an improved goods account which remained in surplus at $4.94 billion as higher export earnings lifted the trade balance. Total goods exports during the quarter amounted to $15.24 billion, with crude oil exports rising to $8.45 billion. Exports of refined petroleum products rose sharply—up 44 percent—to $2.29 billion, while imports of refined petroleum products declined by 12.7 percent. The CBN said these developments point to progress in domestic refining capacity and a gradual shift away from net import dependence in refined fuels.
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Secondary income flows also made a material contribution to the external position. The secondary income account recorded a surplus of $5.50 billion, which included $5.24 billion in remittances from Nigerians in the diaspora. The sustained level of workers’ remittances provided a predictable source of foreign exchange during the quarter.
Financial account developments further supported the overall outcome, with the country posting a net lending position of $0.32 billion. Foreign direct investment rose to $0.72 billion, while portfolio investment remained robust at $2.51 billion, reflecting continued non-resident participation in domestic financial instruments and improved investor sentiment toward Nigerian assets.
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External buffers strengthened markedly over the quarter. Gross external reserves increased to $42.77 billion at end‑September 2025, up from $37.81 billion at end‑June, according to the CBN. The bank attributed the accretion in reserves to the combined effects of reforms in the foreign exchange market, monetary policy implementation and developments in the domestic energy sector.
“The Q3 2025 BOP outcome underscores strengthening external sector fundamentals, firmer investor confidence, and the continued impact of reforms,” Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, said in a statement. The institution framed the results as evidence of improved external stability and growing policy space.
Analysts said the mix of higher commodity export proceeds, durable remittance inflows and renewed foreign portfolio participation should help moderate short‑term external vulnerabilities and support more predictable exchange rate dynamics, provided the policy stance remains consistent and the momentum in domestic refining and export diversification is sustained.
