Current account surplus surges by 256% to $4.98bn in Q1 2026, says CBN 

Nigeria’s current account surplus rose by 255.71per cent to $4.98 billion in the first quarter of 2026, from $1.40 billion in the fourth quarter of 2025, according to provisional balance of payments statistics released by the Central Bank of Nigeria (CBN).

The surplus was also 46.04per cent  higher than the $3.41 billion recorded in the corresponding period of 2025, indicating a stronger external position driven largely by higher export receipts, lower petroleum product imports and reduced primary income outflows.

The CBN’s Balance of Payments Highlights for Q1 2026 showed that the improvement was supported by a stronger goods account surplus, which rose to $5.95 billion from $1.77 billion in the preceding quarter.

The report read, “Provisional balance of payments (BOP) statistics for Q1 2026 show a current account surplus of US$4.98 billion, which was higher than the $1.40 billion and $3.41 billion recorded in the preceding quarter (Q4 2025) and corresponding period (Q1 2025) respectively.”

The goods account recorded a 236.16per cent quarter-on-quarter increase, rising to $5.95 billion in Q1 2026, compared with $1.77 billion in Q4 2025 and $3.35 billion in Q1 2025.

According to the CBN, total exports rose to $15.49 billion in Q1 2026 from $13.36 billion in Q4 2025, largely due to higher crude oil, gas and refined petroleum product exports.

Crude oil export earnings increased by 19.79per cent to $8.11 billion, from $6.77 billion in the previous quarter, while gas export earnings rose by 12.95per cent to $2.53 billion, from $2.24 billion.

Refined petroleum product exports also increased by 20.30per cent to $2.37 billion, from $1.97 billion in Q4 2025, while non-oil and electricity exports rose by 4.62per cent to $2.49 billion.

On the import side, total imports declined to $9.54 billion in Q1 2026 from $11.59 billion in the preceding quarter, reflecting a sharp fall in refined petroleum product imports and lower non-oil imports.

Refined petroleum product imports dropped by 87.50per cent to $0.31 billion from $2.48 billion, while non-oil imports fell by 10.49% to $7.85 billion from $8.77 billion.

However, crude oil imports rose sharply to $1.39 billion from $0.34 billion, representing an increase of 308.82per cent.