Nigeria’s current account surplus rose by 67.93 per cent to $7.54 billion in the second quarter of 2026, driven largely by stronger export earnings and a significant increase in the goods account surplus.
Provisional balance of payments statistics released by the Central Bank of Nigeria (CBN) showed that the current account surplus increased from $4.49 billion in the first quarter of 2026 and exceeded the $5.17 billion recorded in the corresponding period of 2025.
“Provisional balance of payments (BOP) statistics for Q2 2026 shows a current account surplus of US$7.54 billion, which was higher than the US$4.49 billion and US$5.17 billion recorded in the preceding quarter (Q1 2026) and corresponding period of 2025, respectively,” the CBN said.
The goods account recorded a surplus of $10.12 billion during the quarter, representing a 69.80 per cent increase from the $5.96 billion recorded in Q1.
The apex bank attributed the improvement to stronger earnings from crude oil, gas, refined petroleum products and non-oil exports, as well as a decline in crude oil imports.
Crude oil export receipts increased by 15.78 per cent to $9.39 billion in Q2 from $8.11 billion in the preceding quarter.
Gas export earnings also rose by 40.15 per cent to $3.63 billion, while receipts from refined petroleum products increased by 66.24 per cent to $3.94 billion.
Non-oil export receipts climbed by 25.30 per cent to $3.12 billion during the quarter.
Crude oil imports fall
On the import side, crude oil imports fell by 58.27 per cent to $0.58 billion in Q2, compared with $1.39 billion in Q1.
However, the services account recorded a higher net outpayment of $4.67 billion, up from $3.71 billion in the preceding quarter.
The CBN attributed the increase to higher net debits for transport, travel, insurance, other business services and government services not included elsewhere.
The deficit in the primary income account also widened to $4.20 billion from $3.23 billion, largely due to increased dividend and interest payments to non-resident investors.
The secondary income account, meanwhile, recorded a higher surplus of $6.30 billion, compared with $5.47 billion in Q1.
Personal transfers, including remittances from Nigerians living abroad, increased by 9.81 per cent to $5.82 billion during the quarter.
The financial account also recorded a turnaround, moving to a net lending position of $1.74 billion in Q2 from a net borrowing position of $2.03 billion in Q1.
Portfolio investment liabilities recorded inflows of $7.09 billion, compared with $6.03 billion in the preceding quarter, while direct investment inflows increased to $1.15 billion from $1.03 billion.
Other investment liabilities recorded inflows of $2.75 billion, while other investment assets recorded outflows of $7.96 billion.
According to the CBN, the financial account position was driven by increased foreign currency holdings by residents following higher export earnings, accretion to reserve assets and increased acquisition of direct and portfolio investment assets abroad.
Net errors and omissions, which capture statistical discrepancies in balance of payments accounts, stood at negative $5.82 billion in Q2, compared with negative $6.62 billion in Q1.
External reserves rise
Nigeria’s external reserves also increased during the quarter.
The stock of reserves rose to $51.39 billion at the end of June 2026, up from $48.35 billion at the end of March.
The CBN further reported that Nigeria recorded an overall balance of payments surplus of $3.51 billion in Q2 2026, representing an improvement from the position recorded in the preceding quarter.
