By Elizabeth Adegbesan
The Central Bank of Nigeria, CBN, yesterday said the nation’s current account surplus grew year-on-year (YoY) by 46 percent to $4.98 billion in the first quarter of 2026 (Q1’26).
The apex bank disclosed this in its Balance of Payments (BoP) report for Q1’26 noting that the current account surplus also grew quarter-on-quarter (QoQ) by 255.7 percent from $1.4 billion in Q4’25.
It stated: “Provisional balance of payments (BOP) statistics for Q1 2026 show a current account surplus of $4.98 billion, which was higher than the $1.40 billion and $3.41 billion recorded in the preceding quarter (Q4 2025) and corresponding period (Q1 2025) respectively.”
According to CBN, the growth in current account surplus was due to an increase in crude oil export earnings,gas export earnings, refined petroleum product export earnings and decrease in refined petroleum product imports and in net out-payments in primary income account.
It stated further: “Major contributors to the Higher Current Account Surplus increase in crude oil export earnings from $6.77 billion to $8.11 billion (19.79 percent).
“Increase in gas export earnings from $2.24 billion to $2.53 billion (12.95 percent).
“Increase in refined petroleum product export earnings from $1.97 billion to $2.37 billion (20.3 percent).
“Decrease in refined petroleum product imports from $2.48 billion to $0.31 billion (87.50 percent).
“Decrease in net out-payments in primary income account from $3.27 billion to $2.83 billion (13.46 percent).”
CBN noted that the Goods account (a major sub-account in the current account) recorded a higher surplus of $5.95 billion in Q1’26, as against $1.77 billion and $3.35 billion recorded in the preceding quarter and corresponding period of 2025.
On the other hand, the Financial account retained its net borrowing position, recording a net borrowing of $2.51 billion in Q1’26, as against $1.96 billion in Q4’25.
