Nigeria’s current account surplus rises 68% to $7.54bn

Nigeria's current-account surplus surged by 68% to reach $7.54 billion in the second quarter of 2026, according to the Central Bank of Nigeria's provisional balance-of-payments data. This marked a significant jump from $4.49 billion in the first quarter of 2026 and even higher than $5.17 billion in the same quarter of the previous year.

The surplus signifies that more money flowed into Nigeria than left through international trade and transactions. Strong export earnings and remittances from Nigerians abroad played key roles in this improvement. Total exports rose to $20.08 billion, with crude oil exports increasing by 15.78 percent to $9.39 billion, natural gas exports up 40.15 percent to $3.63 billion, and refined petroleum products exports climbing 66.24 percent to $3.94 billion.

Non-oil exports also grew by 25.30 percent to $3.12 billion. Another boost came from an increase in personal transfers of $5.82 billion, as Nigerians living abroad sent more money home. Simultaneously, crude oil imports decreased to about $580 million, down from $1.39 billion in the first quarter. The country's goods-account surplus grew to $10.12 billion, up from $5.96 billion a quarter earlier.

However, Nigeria still recorded sizable outflows in services ($4.67 billion) and primary income ($4.20 billion). The nation's financial account also shifted, turning from a net borrowing position to a net lending position of $1.74 billion. Overall, Nigeria's balance-of-payments surplus stood at $3.51 billion during the quarter, highlighting the positive impact of export earnings, foreign investment, and remittances on the economy.