Nigeria’s current account surplus climbed to $4.98 billion in the first quarter of 2026, reflecting improved export earnings and a stronger external sector performance.
Data released by the Central Bank of Nigeria showed that the surplus was largely supported by increased receipts from crude oil, natural gas, and refined petroleum exports. The development highlights the continued importance of the energy sector in strengthening the country’s foreign exchange earnings and overall trade position.
Crude oil exports generated $8.11 billion during the quarter, representing a significant increase compared to the previous quarter. Gas exports also recorded growth, reaching $2.53 billion, while earnings from refined petroleum product exports rose to $2.37 billion. The figures indicate sustained demand for Nigerian energy products in international markets.
Non-oil exports also contributed positively to the country’s external account, increasing by 4.62 percent to $2.49 billion. The improvement reflects gradual diversification efforts aimed at reducing dependence on crude oil revenue and expanding foreign exchange earnings from other sectors.
On the import side, Nigeria recorded a substantial decline in refined petroleum product imports, which fell by 87.5 percent to $310 million from $2.48 billion in the previous quarter. Analysts attribute the sharp reduction to increased domestic refining capacity and changing supply dynamics within the petroleum sector.
Non-oil imports also declined by 10.49 percent to $7.85 billion, helping to strengthen the country’s trade balance. However, crude oil imports increased to $1.39 billion during the period compared to $340 million in the preceding quarter.
Economic analysts note that the strong current account position provides support for external reserves, exchange rate stability, and investor confidence. The performance also reflects the impact of stronger export receipts and improved trade flows during the quarter.
The latest figures add to a series of positive indicators within Nigeria’s external sector, with recent reports showing improvements in trade balances and export earnings driven primarily by oil and petroleum-related products.
While the energy sector remains the primary driver of export growth, experts continue to emphasize the need for broader diversification of the economy to ensure sustainable growth and reduce exposure to fluctuations in global oil prices.
