Nigeria’s current account surplus rises to $7.54 billion

Nigeria’s current account surplus rose by 67.9% to $7.54 billion in the second quarter of 2026 from $4.49 billion in the preceding quarter.

The increase is backed by stronger export receipts and higher diaspora remittances.

The surplus was also 45.8% above the $5.17 billion recorded in the corresponding period of 2025, according to the Central Bank of Nigeria’s (CBN) provisional balance of payments statistics for Q2 2026.

The improvement came as the goods account recorded a wider surplus, while the services and primary income accounts posted larger net outflows.

The goods account surplus rose to $10.12 billion in Q2 2026, from $5.96 billion in Q1 and $4.85 billion in Q2 2025.

Total exports increased to $20.08 billion from $15.56 billion in the preceding quarter, driven by higher receipts across crude oil, natural gas, refined petroleum products and non-oil exports.

The CBN reported that the increase in exports was broad-based. Crude oil exports rose by 15.78% to $9.39 billion while natural gas exports increased by 40.15% to $3.63 billion.

Exports of refined petroleum products recorded the strongest growth, rising by 66.24% to $3.94 billion, while non-oil exports increased by 25.30% to $3.12 billion.

The goods account also benefited from a sharp decline in crude oil imports, which fell to $580 million in Q2 2026 from $1.39 billion in Q1.

The CBN attributed the increase largely to higher dividend and interest payments to non-resident investors.

The secondary income account balance increased to $6.30 billion in Q2 2026, from $5.47 billion in Q1.

Personal transfers, including remittances from Nigerians living abroad, rose by 9.81% to $5.82 billion during the quarter.

The increase in remittances provided additional support to the current account, helping offset some of the higher outflows recorded in services and primary income.

Nigeria’s financial account recorded a net lending position of $1.74 billion in Q2 2026, reversing the net borrowing position of $2.03 billion in Q1.

Foreign direct investment inflows also increased, reaching $1.15 billion compared with $1.03 billion in Q1.

Nigerian investments abroad generated outflows, with direct investment assets recording $560 million and portfolio investment assets recording $700 million.

Other investment liabilities attracted inflows of $2.75 billion, while other investment assets recorded outflows of $7.96 billion.

Overall, Nigeria recorded a balance of payments surplus of $3.51 billion in Q2 2026, according to the CBN.

The latest position has surpassed the CBN’s projected reserve level of approximately $51.04 billion for the whole of 2026.

The continued accumulation of reserves provides a stronger external buffer for the economy and comes as the CBN continues efforts to strengthen foreign exchange market stability.