Nigeria’s Current Account Surplus Rises 67.9% To $7.54bn

Nigeria’s current account surplus rose by 67.9 per cent to $7.54 billion in the second quarter of 2026, from $4.49 billion in the preceding quarter, driven by stronger export receipts and increased diaspora remittances.

The latest figure was also 45.8 per cent higher than 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 just released.

The data showed that the improvement was largely supported 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 surplus rose to $10.12 billion in Q2 2026, compared with $5.96 billion in Q1 and $4.85 billion in Q2 2025.

The increase followed a rise in total exports to $20.08 billion from $15.56 billion in the preceding quarter, with higher receipts recorded across crude oil, natural gas, refined petroleum products and non-oil exports.

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 the strongest growth, increasing by 66.24 per cent to $3.94 billion, while non-oil exports rose by 25.30 per cent to $3.12 billion.

The goods account also benefited from a sharp decline in crude oil imports, which fell to $580 million in Q2 from $1.39 billion in Q1. However, the stronger goods position was accompanied by increased outflows in the services account.

Net services outflows rose to $4.67 billion in Q2 from $3.71 billion in Q1, reflecting higher net debits for transport, travel, insurance, other business services and government services not included elsewhere.

The primary income account also recorded a larger deficit, with its debit balance rising to $4.20 billion from $3.23 billion in the preceding quarter.

Meanwhile, 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 per cent 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.

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

Portfolio investment liabilities recorded inflows of $7.09 billion, up from $6.03 billion in the preceding quarter, while foreign direct investment inflows increased to $1.15 billion from $1.03 billion.

However, Nigerian investments abroad generated outflows during the quarter, 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.