Nigeria’s current account surplus rose sharply to $7.54 billion in the second quarter of 2026, representing a 67.9 per cent increase from the $4.49 billion recorded in the first quarter, as stronger export earnings and higher remittance inflows strengthened the country’s external position.
The latest figure was also 45.8 per cent higher than the $5.17 billion surplus recorded in the corresponding period of 2025, according to provisional Balance of Payments statistics released by the Central Bank of Nigeria.
The improvement was driven principally by a wider surplus in the goods account, which more than offset increased net outflows from the services and primary income accounts.
The goods account recorded a surplus of $10.12 billion in Q2, up from $5.96 billion in Q1 and $4.85 billion in the same quarter of 2025.
The stronger position reflected higher export receipts across several major categories. Total exports rose to $20.08 billion in Q2 from $15.56 billion in the preceding quarter.
Crude oil export receipts increased by 15.78 per cent to $9.39 billion, while natural gas exports climbed by 40.15 per cent to $3.63 billion.
Exports of refined petroleum products recorded an even stronger increase, rising by 66.24 per cent to $3.94 billion. Non-oil export receipts also increased by 25.30 per cent to $3.12 billion during the quarter.
The goods account also benefited from a significant reduction in crude oil imports. The value of crude oil imports fell to $580 million in Q2 from $1.39 billion in Q1, further improving the country’s trade position.
Remittances provided another source of support for the Nigeria current account surplus. The secondary income account increased to a surplus of $6.30 billion, compared with $5.47 billion in the first quarter.
Personal transfers, including remittances from Nigerians living abroad, rose by 9.81 per cent to $5.82 billion during the quarter.
However, the improvement in the current account came despite higher outflows from some other components of the external accounts.
Net services outflows increased to $4.67 billion from $3.71 billion in Q1, reflecting higher payments for transport, travel, insurance, business services and other government services.
The primary income account also recorded a larger deficit, with its debit balance rising to $4.20 billion from $3.23 billion. The increase was attributed largely to higher dividend and interest payments to non-resident investors.
The financial account also improved during the quarter, moving from a net borrowing position of $2.03 billion in Q1 to a net lending position of $1.74 billion in Q2.
Portfolio investment liabilities attracted inflows of $7.09 billion, compared with $6.03 billion in Q1, while foreign direct investment inflows increased to $1.15 billion from $1.03 billion.
Nigeria’s overall balance of payments also recorded a $3.51 billion surplus in Q2 2026, according to the CBN.
The country’s external reserves rose from $48.35 billion at the end of March to $51.39 billion at the end of June, providing a larger external buffer during the quarter.
The latest figures point to an improvement in Nigeria’s external position during the second quarter, with stronger export earnings, reduced crude oil imports and increased remittance inflows contributing to the expansion of the current account surplus.
