Stronger Exports Lift Nigeria’s Current Account Surplus

Nigeria’s current account surplus increased 67.9% to $7.54 billion in the second quarter of 2026, up from $4.49 billion in the first quarter. The surplus was also 45.8% higher than the $5.17 billion recorded in the same quarter of 2025. Stronger export earnings drove much of the improvement, with higher diaspora remittances also playing a role. Total exports rose to $20.08 billion, including increases in crude oil, natural gas, refined petroleum products, and non-oil exports. Refined petroleum exports posted the largest increase, rising 66.24% to $3.94 billion, while natural gas exports climbed 40.15% to $3.63 billion. Personal transfers, including diaspora remittances, also increased 9.81% to $5.82 billion. Nigeria recorded a $3.51 billion overall balance-of-payments surplus and shifted to a $1.74 billion net lending position in its financial account.