Nigeria's Q1 2026 current account surplus hits $4.98B on oil boom, fuel import drop
Nigeria's current account surplus surged to $4.98 billion in Q1 2026, up 255.71% from $1.40 billion in Q4 2025 and 46.04% higher than the $3.41 billion in Q1 2025, according to provisional CBN balance of payments data. The gain was driven by a goods account surplus of $5.95 billion (up from $1.77 billion) as total exports rose to $15.49 billion from $13.36 billion, with crude oil, gas and refined petroleum product exports increasing 19.79%, 12.95% and 20.30% respectively. Imports fell to $9.54 billion from $11.59 billion, mainly due to an 87.5% drop in refined petroleum product imports to $0.31 billion, though crude oil imports jumped 308.82% to $1.39 billion.
This stronger external position lifted foreign reserves to $48.35 billion by end-March 2026 ($2.60 billion gain) and reduced pressure on the naira, but also highlights ongoing vulnerabilities: workers' remittances fell to $5.30 billion from $5.72 billion, the services deficit widened to $3.71 billion, and net errors and omissions grew to -$7.49 billion.
What does this mean for you? If you import goods, cheaper refined fuel may lower costs; if you export oil or gas, stronger receipts could boost income. However, watch for naira stability and inflation trends, and consider how falling diaspora remittances might affect household incomes or local demand.