Nigeria’s current-account surplus increased by 67.9 per cent to $7.54 billion in the second quarter of 2026, according to provisional balance-of-payments data from the Central Bank of Nigeria (CBN).

The latest figure represents a significant increase from the $4.49 billion recorded in the first quarter of 2026. It was also higher than the $5.17 billion recorded during the same period in 2025. The new figures were reported on September 18, 2026.

A current-account surplus simply means more money is coming into a country than going out through international trade and other transactions.

The improvement was mainly supported by stronger export earnings and increased remittances from Nigerians living abroad. Nigeria’s total exports rose to $20.08 billion in the second quarter, compared with $15.56 billion in the previous quarter.

Crude oil remained an important contributor to export earnings. Crude oil exports increased by 15.78 per cent to $9.39 billion, while natural gas exports rose by 40.15 per cent to $3.63 billion.

Exports of refined petroleum products recorded an even larger increase, rising by 66.24 per cent to $3.94 billion. Non-oil exports also increased by 25.30 per cent to $3.12 billion.

Another factor supporting the country’s external position was the rise in personal transfers, including money sent home by Nigerians living abroad. Remittances increased by 9.81 per cent to $5.82 billion during the quarter.

The stronger export performance also coincided with a reduction in crude oil imports. Crude oil imports fell to about $580 million in the second quarter, down from $1.39 billion in the first quarter.

The CBN data showed that Nigeria’s goods-account surplus increased to $10.12 billion in the second quarter, compared with $5.96 billion in the first quarter.

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However, the country continued to record significant outflows in other areas. Net services outflows increased to $4.67 billion, while the primary-income deficit rose to $4.20 billion. These outflows include payments connected with services, investments and other international transactions.

Nigeria’s financial account also recorded a change during the quarter. The country recorded a net lending position of $1.74 billion, reversing a net borrowing position of $2.03 billion in the first quarter.

Portfolio investment liabilities attracted about $7.09 billion in inflows, while foreign direct investment inflows increased to approximately $1.15 billion.

Overall, Nigeria recorded a balance-of-payments surplus of $3.51 billion during the second quarter of 2026, according to the CBN’s provisional data.

The latest figures provide an indication of increased foreign-exchange earnings from exports and remittances. They also show the continued importance of oil, gas and refined petroleum products to Nigeria’s external trade.

For businesses and investors, developments in the country’s external accounts are important because export earnings, foreign investment and remittances contribute to the flow of foreign currency into the economy.

The increase in the current-account surplus comes as Nigeria continues efforts to strengthen its external position and improve stability in the foreign-exchange market.

The CBN data will remain subject to possible revisions as more information becomes available. Nevertheless, the second-quarter figures show a substantial increase in Nigeria’s current-account surplus compared with both the previous quarter and the same period in 2025.

The development has placed Nigeria’s external trade performance among the major economic stories being followed by businesses, investors and financial analysts.

By: Oluwadare Precious

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