Nigeria's Current Account Surplus Drops 26% Amid Oil Decline

According to the Central Bank of Nigeria's (CBN) 2025 balance of payments report, Nigeria's current account surplus has narrowed by 26% year-on-year to $14.04 billion. This decline is primarily due to a significant 14.41% decrease in crude oil exports, which fell from $36.85 billion in 2024 to $31.54 billion in 2025.

Concurrently, non-oil imports rose by 13.6% to $29.24 billion, driven by sustained demand for foreign goods despite currency pressures. Notably, Dangote Refinery imported $3.74 billion worth of crude oil during this period, contributing to the overall increase in the import bill.

Despite these pressures, the goods account remains in surplus at $14.51 billion, slightly higher than the $13.17 billion recorded in 2024, indicating resilience in merchandise trade. However, the services deficit widened, with net payments rising by 9.13% to $14.58 billion due to increased spending on transport, travel, insurance, and government services.

The primary income deficit surged by 60.9% to $9.09 billion, largely driven by higher dividend and interest payments to foreign investors.