Nigeria's Current Account Surplus Reaches $7.54 Billion

Nigeria's current account surplus rose to $7.54 billion in the second quarter of 2026, up from $4.49 billion in Q1, as reported by the Central Bank of Nigeria. This surplus also exceeded the $5.17 billion recorded in Q2 2025.

The goods account surplus increased significantly to $10.12 billion from $5.96 billion in Q1, primarily due to higher export receipts from crude oil, gas, and refined petroleum products, alongside a reduction in crude oil imports. Refined petroleum exports surged to $3.94 billion in Q2, marking a 66.24% increase from $2.37 billion in Q1 and a 148% rise from $1.59 billion a year prior.

Crude oil exports contributed $9.39 billion, a 15.78% increase from Q1, while gas exports rose by 40.15% to $3.63 billion. Overall, combined earnings from crude oil, gas, and refined products reached $16.96 billion, compared to $13.07 billion in Q1 and $12.55 billion in Q2 2025.

The increase in refined-product exports was linked to enhanced domestic refining activity, with the US Energy Information Administration reporting that Nigeria's seaborne petroleum-product shipments averaged 561,000 barrels per day in Q2 2026, a significant rise from 79,000 barrels per day in 2023.