The Central Bank of Nigeria (CBN) says Nigeria’s Balance of Payments (BoP) surplus declined to $4.23 billion in 2025, down from $6.83 billion recorded in 2024, reflecting mounting external obligations despite improvements in trade performance.
Latest BoP data released by the apex bank shows mixed outcomes across key components of the external sector, with stronger goods exports offset by widening income deficits and weaker capital inflows.
According to the CBN, provisional figures indicate that the current account surplus stood at $14.04 billion in 2025. While this represents a decline from $19.03 billion in 2024, it remains significantly higher than the $6.42 billion recorded in 2023.
The goods account posted a stronger surplus of $14.51 billion, up from $13.17 billion in the previous year, supported by improved export performance, particularly in refined petroleum and gas.
However, pressures persisted in other segments. The services account deficit widened to $14.58 billion from $13.36 billion in 2024, driven by increased net outflows on transport, travel, insurance, and government services.
Similarly, the primary income deficit rose sharply by 60.88 per cent to $9.09 billion, highlighting increased repatriation of profits and investment income.
On the financial account, portfolio investment inflows dropped significantly by 48.3 per cent to $8.04 billion, reflecting cautious foreign investor sentiment. In contrast, direct investment inflows recorded a modest increase of 14.1 per cent to $4.01 billion.
External reserves rose to $45.75 billion as of December 2025, representing a 13.83 per cent year-on-year increase.
Overall, the data suggests that while Nigeria’s trade balance strengthened—largely driven by refined exports—rising income outflows and volatility in capital flows weighed on the country’s external position.
The CBN also flagged a widening Net Errors and Omissions balance, which deteriorated to negative $15.73 billion in 2025 from negative $9.38 billion in 2024, underscoring persistent gaps in the recording of external transactions.
Nigeria’s BoP performance in recent years has remained sensitive to global oil price movements, exchange rate adjustments, and broader structural reforms in the economy.
The shift toward increased gas exports and refined petroleum shipments reflects ongoing efforts to diversify export earnings beyond crude oil, with domestic refining capacity—particularly from the Dangote Refinery—beginning to reshape trade dynamics.
Despite these gains, weaker portfolio inflows and rising income outflows point to continued exposure to global financial conditions and investor sentiment.
On a quarterly basis, Nigeria recorded a current account surplus of $3.42 billion in the third quarter of 2025, down 41.14 per cent from $5.81 billion in the second quarter and lower than $5.78 billion in Q3 2024, indicating sustained pressure from external obligations.
