Nigeria's Current Account Surplus Hits $4.98 Billion

Nigeria's current account surplus rose sharply by 255.71% to $4.98 billion in the first quarter of 2026, compared to $1.40 billion in the previous quarter (Q4 2025) and $3.41 billion in Q1 2025. This increase was primarily driven by higher earnings from crude oil exports, which reached $8.11 billion, up from $6.77 billion in Q4 2025, and a significant reduction in petroleum product imports, which fell by 87.5% to $0.31 billion.

The Central Bank of Nigeria's balance of payments report indicated that the goods account, a major component of the current account, recorded a surplus of $5.95 billion in Q1 2026, compared to $1.77 billion in Q4 2025. Total exports increased to $15.49 billion from $13.36 billion, while total imports decreased to $9.54 billion from $11.59 billion.

The report also noted a narrowing of the primary income deficit and a decline in remittance inflows from the Nigerian diaspora.