Nigeria Q1 2026 Current Account Surplus
Analysis based on 6 articles · First reported Jun 17, 2026 · Last updated Jun 18, 2026
The significant increase in Nigeria's current account surplus, driven by higher exports of Petroleum, Natural gas, and Refined petroleum products, along with reduced imports, is expected to positively impact investor confidence in Nigeria's economy. This improvement in external finances and the rise in external reserves provide a stronger buffer against economic shocks, potentially leading to a more stable Nigerian naira and attracting further foreign portfolio investment into Nigeria.
Nigeria's current account surplus surged by 255.7% quarter-on-quarter to $4.98 billion in the first quarter of 2026, as reported by the Nigeria — Central Bank of Nigeria. This substantial increase was primarily fueled by a rise in Petroleum, Natural gas, and Refined petroleum products exports, alongside a sharp decline in refined petroleum product imports. Petroleum export earnings rose to $8.11 billion, and gas exports increased to $2.53 billion. Refined petroleum product exports climbed to $2.37 billion, while imports of these products plunged by 87.5% to $0.31 billion. The goods account recorded a surplus of $5.95 billion. Despite this, the services account deficit widened, and remittance inflows decreased. The financial account remained in a net borrowing position, though portfolio investment inflows strengthened. Overall, Nigeria recorded a balance of payments surplus of $2.38 billion, and external reserves increased to $48.35 billion.
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