Nigeria’s current account surplus reaches $7.54 billion in the second quarter

Nigeria’s current account surplus surged by 67.9% in the second quarter of 2026, reaching $7.54 billion, up from $4.49 billion in the previous quarter, according to provisional balance of payments statistics from the Central Bank of Nigeria. This figure also represents a 45.8% increase compared to the $5.17 billion recorded a year earlier.

The primary driver of this growth was trade in goods. The goods account surplus rose to $10.12 billion, compared to $5.96 billion in the first quarter. Total exports climbed to $20.08 billion, bolstered by crude oil, natural gas, refined petroleum products, and non-oil exports.

Revenue from crude oil reached $9.39 billion, while natural gas generated $3.63 billion and refined petroleum products contributed $3.94 billion. Non-oil exports amounted to $3.12 billion. Meanwhile, crude oil imports fell to $580 million, down from $1.39 billion in the first quarter.

However, this improvement was partially offset by increased outflows in services and investment income. The services deficit widened to $4.67 billion, while the primary income deficit reached $4.20 billion, largely due to dividend and interest payments to non-resident investors.

Personal transfers, which include remittances from Nigerians living abroad, increased by 9.81% to $5.82 billion. Consequently, the secondary income balance improved to $6.30 billion in the second quarter.

The financial account shifted from a net borrowing position of $2.03 billion in the first quarter to a net lending position of $1.74 billion. Portfolio investment inflows totaled $7.09 billion, while foreign direct investment reached $1.15 billion. Overall, the balance of payments recorded a surplus of $3.51 billion for the quarter.