Nigeria’s current account surplus hits $7.54bn as exports surge

NIGERIA’S current account surplus rose sharply to $7.54 billion in the second quarter (Q2) of 2026, as growth in export earnings and stronger remittance inflows boosted the country’s external position.

The surplus, according to provisional balance of payments figures released by the Central Bank of Nigeria, increased from $4.49 billion in the first quarter (Q1) and was significantly higher than the $5.17 billion recorded in Q2 of 2025.

A current account surplus arises when a nation’s financial inflows from various international transactions exceed its outflows, indicating more money entering than leaving the economy, Investopedia, an investment dictionary, says.

A major driver of the improvement was the country’s merchandise trade balance, which recorded a $10.12 billion surplus during the quarter.

That was substantially higher than the $5.96 billion recorded in the preceding quarter and the $4.85 billion surplus posted a year earlier.

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Exports

Nigeria’s total exports rose to $20.08 billion in the quarter, from $15.56 billion in Q1, with gains recorded across crude oil, gas, refined petroleum products and non-oil exports.

Crude oil export receipts increased by 15.78 per cent to $9.39 billion, while natural gas earnings rose by 40.15 per cent to $3.63 billion.

Refined petroleum products generated $3.94 billion, representing a 66.24 per cent increase from the previous quarter. This is an indication of the impact of Dangote Petroleum Refinery on Nigeria’s economy.

Non-oil export receipts also rose, increasing by 25.30 per cent to $3.12 billion. At the same time, crude oil imports fell sharply to $580 million from $1.39 billion in Q1, further strengthening the goods balance.

The improvement in trade came despite rising payments for services and investment income. The services account recorded a net deficit of $4.67 billion during the quarter, compared with $3.71 billion in Q1.

The CBN said the increase reflected higher net payments for transport, travel, insurance, other business services and government services.

Nigeria’s primary income deficit also widened to $4.20 billion from $3.23 billion, mainly as dividend and interest payments to non-resident investors increased.

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Foreign inflows

Remittance inflows, however, provided additional support. The secondary income balance improved to $6.30 billion from $5.47 billion, while personal transfers increased by 9.81 per cent to $5.82 billion.

The financial account also recorded a reversal during the quarter, moving from a net borrowing position of $2.03 billion in Q1 to net lending of $1.74 billion.

Portfolio investment liabilities attracted $7.09 billion, up from $6.03 billion, while foreign direct investment inflows increased to $1.15 billion from $1.03 billion.

Outward investments

There were also significant outward investments by Nigerian residents, with direct investment assets recording $560 million in outflows and portfolio investment assets accounting for $700 million.

Other investment liabilities attracted $2.75 billion during the quarter, while other investment assets also recorded outflows.

The figures indicate that stronger export receipts and remittance inflows more than offset increased FX outflows through services and investment income during the quarter.