Nigeria recorded a significant improvement in its external sector performance in the first quarter of 2026, with the country’s current account surplus rising by 256 per cent to $4.98 billion, driven largely by stronger trade earnings and improved inflows from remittances and investment income.
The development reflects a sharp increase from the surplus recorded in the corresponding period of 2025 and underscores the resilience of Nigeria’s external accounts amid ongoing economic reforms and improved foreign exchange market stability.
According to data from the Central Bank of Nigeria (CBN), the current account position was bolstered by a robust trade surplus, supported by higher export earnings and a decline in import expenditure during the review period.
The country’s merchandise trade balance remained strongly positive as export receipts outpaced imports, helping to strengthen Nigeria’s balance of payments and external reserves. Recent trade data from the National Bureau of Statistics (NBS) showed that Nigeria’s trade surplus surged significantly in the first quarter, aided by increased exports and lower imports.
Analysts noted that improved crude oil production, stronger non-oil exports, and sustained diaspora remittances contributed to the positive performance. The gains were further supported by ongoing reforms aimed at enhancing transparency in the foreign exchange market and attracting foreign capital.
The stronger current account position is expected to provide additional support for the naira and improve investor confidence in the Nigerian economy. It also strengthens the country’s external buffers at a time when policymakers are seeking to sustain macroeconomic stability and boost economic growth.
The latest figures add to a series of positive external sector indicators in recent months, including rising foreign reserves and improving trade balances, suggesting a gradual strengthening of Nigeria’s economic fundamentals.
Economists, however, cautioned that sustaining the surplus will depend on maintaining export growth, increasing oil production, and deepening non-oil revenue sources to reduce vulnerability to external shocks.
