Nigeria’s current account surplus rose by 68% to $7.54 billion in the second quarter of 2026, from $4.49 billion in the preceding quarter, propelled by stronger export receipts and higher diaspora remittances, according to the provisional balance of payments statistics for Q2 2026, released by the Central Bank of Nigeria (CBN) on Friday.
The data also shows that the surplus was 45.8% above the $5.17 billion recorded in the corresponding period of 2025.
According to the data, 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.
The figures indicate that exports increased to $20.08 billion from $15.56 billion in the preceding quarter, supported by higher receipts across crude oil, natural gas, refined petroleum products and non-oil exports.
Specifically, the data shows that 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.
Furthermore, the data shows that net services outflows increased 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.
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.
Portfolio investment liabilities recorded inflows of $7.09 billion, up from $6.03 billion in the preceding quarter.
Foreign direct investment inflows also increased, 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 recorded a balance of payments surplus of $3.51 billion in Q2 2026, according to the CBN.
Analysts note that 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.
