Nigeria's Current Account Surplus Hits $4.98 Billion in Q1 2026

Nigeria's current account surplus reached $4.98 billion in the first quarter of 2026, marking a 255.7% increase from $1.40 billion in the previous quarter (Q4 2025) and a 46.04% rise from $3.41 billion in Q1 2025, as reported by the Central Bank of Nigeria (CBN). The surplus was primarily driven by an increase in crude oil export earnings, which rose to $8.11 billion from $6.77 billion in Q4 2025, alongside a significant reduction in petroleum product imports, which fell by 87.5% to $0.31 billion.

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, while total imports decreased to $9.54 billion.

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