Nigeria’s current account surplus rose by 67.93 per cent to $7.54 billion in the second quarter of 2026, driven by stronger export earnings, higher remittances and lower crude oil imports.
The Central Bank of Nigeria (CBN), in its provisional balance of payments statistics for Q2 2026, said the surplus increased from $4.49 billion in Q1 2026 and $5.17 billion in Q2 2025.
The current account measures a country’s transactions with the rest of the world, including trade in goods and services, income and transfers.
The CBN data showed that Nigeria’s goods account surplus expanded by 69.8 per cent to $10.12 billion in Q2, from $5.96 billion in the previous quarter.
The increase was supported by higher earnings from crude oil, natural gas, refined petroleum products and non-oil exports, alongside a sharp decline in crude oil imports.
Crude oil export receipts rose by 15.78 per cent to $9.39 billion, while gas exports increased by 40.15 per cent to $3.63 billion.
Receipts from refined petroleum product exports also surged by 66.24 per cent to $3.94 billion, while non-oil export earnings increased by 25.3 per cent to $3.12 billion.
At the same time, crude oil imports fell by 58.27 per cent to $580 million, from $1.39 billion in Q1.
Despite the stronger trade position, Nigeria recorded higher outflows in the services and primary income accounts.
The services account posted a net outpayment of $4.67 billion, up from $3.71 billion in Q1, reflecting increased payments for transport, travel, insurance and other business services.
The primary income deficit also widened to $4.20 billion, compared with $3.23 billion in the preceding quarter, largely due to higher dividend and interest payments to foreign investors.
Meanwhile, the secondary income account recorded a higher surplus of $6.30 billion, up from $5.47 billion.
Personal transfers, including remittances from Nigerians living abroad, rose by 9.81 per cent to $5.82 billion during the quarter.
The financial account also swung into a $1.74 billion net lending position, reversing the $2.03 billion net borrowing position recorded in Q1.
Portfolio investment inflows rose to $7.09 billion, from $6.03 billion, while foreign direct investment increased to $1.15 billion, compared with $1.03 billion in Q1.
The CBN also reported that Nigeria’s external reserves climbed to $51.39 billion at the end of June 2026, from $48.35 billion at the end of March.
Overall, Nigeria recorded a balance of payments surplus of $3.51 billion in Q2 2026, according to the apex bank.
