Nigeria's Current Account Surplus Reaches $5.0 Billion

In the first quarter of 2026, Nigeria recorded a current account surplus of $5.0 billion, a notable increase from $1.4 billion in the fourth quarter of 2025 and $3.4 billion in the first quarter of 2025. This improvement was primarily driven by a trade surplus of $6.0 billion, up from $1.8 billion in the previous quarter.

The stronger trade balance reflected improved export earnings, particularly from crude oil, which saw export receipts rise to $8.1 billion in Q1 2026 from $6.8 billion in Q4 2025, benefiting from elevated global oil prices and geopolitical risks. Additionally, petroleum product exports increased to $2.5 billion from $2.4 billion in the previous quarter.

Total imports declined to $9.5 billion from $11.6 billion in Q4 2025, influenced by a decrease in non-oil goods and a 40% reduction in oil and gas-related products. Looking ahead, Nigeria's current account surplus is expected to improve further in Q2 2026, supported by sustained high crude oil prices and increased operational capacity at Dangote Refinery.