The Central Bank of Nigeria has reported a robust Nigeria current account surplus of $4.98 billion in Q1 2026, a sharp 255.7 percent rise driven by higher oil exports and lower fuel imports

The Central Bank of Nigeria through its latest Balance of Payments report, economic analysts, and key stakeholders in Abuja announced on Wednesday, June 17, 2026, the impressive expansion of Nigeria current account surplus to $4.98 billion in the first quarter of the year.

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This figure represents a remarkable 255.7 percent increase from the $1.40 billion recorded in the fourth quarter of 2025 and a 46 percent rise compared with the same period in 2025.

The improvement marks a significant boost to the country’s external position amid ongoing efforts to stabilise the economy.

Higher earnings from crude oil, gas, and refined petroleum product exports, combined with a steep drop in petroleum product imports, underpinned the strong performance.

Crude oil export receipts rose to $8.11 billion, while gas and refined petroleum exports also recorded notable gains. At the same time, refined petroleum imports plummeted by 87.5 percent to just $0.31 billion.

The goods account, the largest component of the current account, delivered a surplus of $5.95 billion, reflecting total exports of $15.49 billion against imports of $9.54 billion. Non-oil exports showed modest growth, while non-oil imports declined.

Services and primary income accounts posted deficits, though the latter narrowed due to lower dividend and interest payments abroad. Remittance inflows, captured in the secondary income account, moderated slightly to $5.57 billion.

The financial account remained in a net borrowing position of $2.51 billion, even as portfolio investment inflows strengthened. Overall, Nigeria achieved a balance of payments surplus of $2.38 billion, contributing to a rise in external reserves to $48.35 billion by the end of March.

This positive development comes against the backdrop of previous fluctuations in Nigeria’s external accounts, often tied to volatile oil prices and high fuel import bills.

The latest figures highlight the benefits of improved domestic refining capacity and higher production levels in easing pressure on the foreign exchange market.

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Analysts view the outcome as encouraging, though they caution that sustained gains will depend on continued stability in oil output, diversification of exports, and prudent management of imports.