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

The Q2 surplus also came in 45.8 per cent higher than the $5.17 billion posted in the corresponding period of 2025, according to the Central Bank of Nigeria’s provisional balance of payments statistics for Q2 2026.

The improvement was driven by a wider surplus in the goods account, even as the services and primary income accounts recorded larger net outflows.

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

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

The CBN noted that the growth in exports was broad-based, with crude oil exports rising 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 posted the strongest growth, surging by 66.24 per cent to $3.94 billion, while non-oil exports increased by 25.30 per cent to $3.12 billion.

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

Despite the stronger goods surplus, Nigeria recorded higher net outpayments in the services account.

Net services outflows rose to $4.67 billion in Q2, up 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 posted a larger deficit, with its debit balance climbing to $4.20 billion from $3.23 billion in the preceding quarter.

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

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

Personal transfers, which include remittances from Nigerians living abroad, increased by 9.81 per cent to $5.82 billion during the quarter.

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

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 posted in Q1.

Portfolio investment liabilities attracted inflows of $7.09 billion, up from $6.03 billion in the preceding quarter.

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

However, 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.

The net errors and omissions (NEO) balance narrowed to -$5.82 billion from -$6.62 billion in Q1.

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

Nigeria’s current account surplus had earlier risen by 255.71 per cent to $4.98 billion in Q1 2026, from $1.40 billion in Q4 2025.

The Q1 surplus was also 46.04 per cent higher than the $3.41 billion recorded in Q1 2025, reflecting stronger export receipts, lower petroleum product imports and reduced primary income outflows.

In Q4 2025, the current account surplus had declined by 65.52 per cent to $1.4 billion from $4.06 billion in Q3 2025.

Nigeria attracted $10.37 billion in foreign capital in the first quarter of 2026, representing an 83.8 per cent increase from the $5.64 billion recorded in Q1 2025, according to data from the National Bureau of Statistics (NBS).

Portfolio-related inflows also recorded a sharp increase in January, with foreign portfolio investment reaching $3.37 billion during the month and accounting for 95.72 per cent of total capital importation.

The stronger current account surplus reflects improved export receipts, particularly from crude oil, gas and refined petroleum products, alongside increased remittance inflows and lower crude oil imports.

Nigeria’s external reserves have grown by $7.09 billion since the beginning of 2026.

The latest position has now 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 Nigerian economy and comes as the CBN continues efforts to strengthen foreign exchange market stability.