Nigeria's gas exports hit $2.53bn in Q1 2026 as petrol imports plummet 96%
Nigeria's gas exports rose to $2.53 billion in the first quarter of 2026, up 12.95% from $2.24 billion in the fourth quarter of 2025, according to CBN's Balance of Payments report. This boost contributed to a stronger external trade position as the country diversifies beyond crude oil.
The improvement drove the goods account surplus to $5.95 billion in Q1 2026, compared to $1.77 billion in the previous quarter. Petrol imports fell dramatically to N87.40 billion in Q1 2026, down from N2.27 trillion in Q1 2025—a reduction of N2.18 trillion. This aligns with the Federal Government's Decade of Gas initiative and expanded export infrastructure.
The figures show natural gas becoming increasingly important for foreign exchange earnings alongside oil. Nigeria holds some of Africa's largest gas reserves and has positioned gas as a strategic pillar for energy transition. With current account surplus rising 255.71% to $4.98 billion, the trend suggests reduced reliance on fuel imports could improve trade balances.
For Nigerians, this means potential stability in forex-dependent sectors and possible impact on fuel availability. As gas infrastructure expands, consider how reduced petrol import dependency might affect transportation costs, generator fuel expenses, and overall energy pricing in your area.