LAGOS, June 18 – Nigeria recorded a current account surplus of $4.98 billion (₦6.83 trillion) in the first quarter of 2026, driven by higher earnings from crude oil, gas and refined petroleum exports, according to the latest Balance of Payments report released by the Central Bank of Nigeria (CBN).
The surplus was up from $1.40 billion in the previous quarter and $3.41 billion in the first quarter of 2025.
The apex bank said the improvement was supported by stronger export earnings, a sharp drop in refined petroleum imports and lower payments on the primary income account.
Crude oil export earnings rose to $8.11 billion from $6.77 billion in the previous quarter, while gas exports increased to $2.53 billion from $2.24 billion. Refined petroleum exports also climbed to $2.37 billion from $1.97 billion.
At the same time, refined petroleum imports fell sharply to $310 million from $2.48 billion. The goods account posted a surplus of $5.95 billion, helped by total exports rising to $15.49 billion from $13.36 billion, while total imports declined to $9.54 billion from $11.59 billion.
The report also showed that the primary income deficit narrowed to $2.83 billion from $3.27 billion as dividend and interest payments to foreign investors declined.
Meanwhile, the secondary income surplus, which includes remittances, fell to $5.57 billion from $6.21 billion. Personal transfers from Nigerians abroad also dropped to $5.30 billion from $5.72 billion.
Nigeria recorded an overall balance of payments surplus of $2.38 billion during the quarter, while external reserves increased to $48.35 billion at the end of March 2026, up from $45.75 billion at the end of December 2025.
