Nigeria’s current account surplus jumps to $7.5bn

Nigeria’s current account surplus increased sharply to $7.54bn in the second quarter of 2026, rising 67.9 per cent from $4.49bn in the first quarter, as stronger export earnings and increased remittance inflows boosted the country’s external position.

When a country has a current account surplus, it earns more money from selling goods, services, and investments abroad than it spends on imports from other nations, according to Investopedia, an investment dictionary.

The latest figure represented a 45.8 per cent rise over the $5.17bn surplus recorded in Q2 of 2025, according to provisional balance of payments statistics released by the Central Bank of Nigeria.

The Q2 improvement was driven principally by a stronger goods account, which more than offset increased net outflows from services and primary income. The goods account surplus expanded to $10.12bn in Q2, compared with $5.96bn in Q1 and $4.85bn in the corresponding quarter of 2025.

The expansion showed a broad increase in export receipts. Total exports rose to $20.08bn during the quarter from $15.56bn in Q1. Crude oil exports increased 15.78 per cent to $9.39bn, while natural gas exports climbed 40.15 per cent to $3.63bn.

Refined petroleum products recorded the strongest growth, with export receipts increasing 66.24 per cent to $3.94bn. This, analysts say, shows the impact of the Dangote refinery.

Non-oil exports also rose 25.30 per cent to $3.12bn, pointing to broader growth in Nigeria’s merchandise export earnings during the period. The goods account received an additional boost from lower crude oil imports, which fell sharply to $580m in Q2 from $1.39 billion in Q1.

The improvement in merchandise trade came alongside higher external payments for services and investment income.

The services account recorded a net outflow of $4.67bn in Q2, compared with $3.71bn in the preceding quarter. The CBN attributed the increase to higher net payments for transport, travel, insurance, other business services and government services not elsewhere classified.

The primary income deficit also widened, with net outflows rising to $4.20bn from $3.23bn in Q1. The increase was largely associated with higher dividend and interest payments to non-resident investors, according to the CBN.

Nigeria’s secondary income balance strengthened to $6.30bn from $5.47bn in Q1. Personal transfers, which include remittances from Nigerians living abroad, increased 9.81 per cent to $5.82bn during the quarter.

The stronger inflow helped cushion the impact of increased payments under the services and primary income accounts and contributed to the larger current account surplus.

Nigeria’s financial account also recorded a significant improvement during the quarter. The account posted a net lending position of $1.74bn in Q2, reversing a net borrowing position of $2.03bn recorded in Q1.

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

However, Nigerian investment abroad also resulted in substantial outflows. Direct investment assets recorded $560m in outflows, while portfolio investment assets generated $700m in outflows.