Oil exports drive Nigeria’s current account surplus to $4.98bn

Nigeria's current account registered a substantial surplus of $4.98 billion in the first quarter of 2026, marking a significant quarter-on-quarter increase of 255.7 percent. This robust performance, detailed in the latest Balance of Payments report by the Central Bank of Nigeria (CBN), was primarily propelled by a surge in exports of crude oil, natural gas, and refined petroleum products, alongside a dramatic reduction in the importation of refined petroleum products.

The CBN's Q1 2026 Balance of Payments Highlights indicated that the current account surplus surpassed the $1.40 billion recorded in the preceding quarter (Q4 2025) and the $3.41 billion from the corresponding period in 2025. This expansion represents a 46.04 percent increase compared to the surplus posted in the first quarter of the previous year.

According to the report, the improvement was bolstered by increased earnings from crude oil exports, which rose to $8.11 billion from $6.77 billion in Q4 2025. Gas exports also saw an uptick, climbing to $2.53 billion from $2.24 billion, and refined petroleum product exports increased to $2.37 billion from $1.97 billion. Concurrently, imports of refined petroleum products plummeted by 87.5 percent, falling to $0.31 billion from $2.48 billion in the prior quarter.

The goods account, which constitutes the largest portion of the current account, reflected this positive trend with a surplus of $5.95 billion in Q1 2026, a considerable rise from $1.77 billion in Q4 2025 and $3.35 billion in Q1 2025. This stronger position was driven by a total export value of $15.49 billion, up from $13.36 billion in the previous quarter, largely due to higher crude oil and gas shipments. Conversely, total imports decreased to $9.54 billion from $11.59 billion, mainly due to lower imports of refined petroleum products and other non-oil goods.