Nigeria's Professional Services Payments Surge 39% in Q2 2026

In the second quarter of 2026, Nigeria's payments for professional and other business services increased by 39.04% to $1.81 billion, according to the Central Bank of Nigeria's Economic Report. This rise was attributed to higher expenditure on technical, trade-related, and professional consulting services.

Consequently, Nigeria's total services payments rose by 18.29% to $5.84 billion during this period, while the services account deficit widened to $4.67 billion from $3.71 billion in the previous quarter. The increase in services payments was primarily driven by expenditures in other business services, transportation, and travel.

Payments for transportation services rose by 9.47% to $1.77 billion, and travel-related payments increased by 10.12% to $1.49 billion. The rise in transportation payments was linked to higher sea freight charges due to increased merchandise imports, while travel expenditures were associated with education and health-related trips.

Other business services accounted for 30.98% of total services payments.