Nigeria's external position strengthened in the second quarter of 2026 as higher crude oil, natural gas, refined petroleum products, and non-oil exports lifted the country's goods account and widened the current account surplus. Export earnings rose to $20.08bn in Q2 2026 from $15.56bn in the first quarter. This significant increase in export earnings was reflected in Nigeria's current account position.
Provisional balance of payments statistics released by the Central Bank of Nigeria showed that the current account surplus rose by 67.93 per cent to $7.54bn in Q2 2026 from $4.49bn in Q1 and $5.17bn in the corresponding period of 2025. The improvement in external earnings came alongside stronger performance across several export categories. Refined petroleum product exports increased by 66.24 per cent to $3.94bn during the quarter, while non-oil exports rose by 25.30 per cent to $3.12bn.
Crude oil exports increased by 15.78 per cent to $9.39bn, while gas exports climbed by 40.15 per cent to $3.63bn. At the same time, crude oil imports declined from $1.39bn in Q1 2026 to $0.58bn in Q2. The developments have renewed attention to the factors supporting Nigeria's oil production and the security of petroleum infrastructure, particularly in the Niger Delta.
Stakeholders linked the improvement to Tantita Security Services Nigeria Limited, which was appointed by the Federal Government to protect oil pipelines and other critical assets in the region. Led by High Chief Government Ekpemupolo, alias Tompolo, TSSNL has worked with other security outfits on pipeline surveillance and the protection of oil infrastructure. This has contributed to improved security around oil assets, supported the flow of petroleum resources, and helped reduce losses associated with oil theft.
President General, Niger Delta Progressive Alliance, Nse Udoh, said pipeline protection has helped national institutions move from reactive crisis management towards longer-term planning. He emphasized that pipeline surveillance does not manage the entire energy landscape but is foundational in safeguarding critical infrastructure that transports petroleum resources. Udoh added that sustained monitoring and rapid response have reduced pipeline breaches and illegal tapping, while improved accounting for production has supported higher output.
The implications extend to public finance, as higher accounted-for production can translate into increased export revenues, foreign exchange inflows, and fiscal capacity. Investment and production beyond pipeline security remain important to sustaining production growth. Chairman/Chief Executive Officer of Brittania-U, Catherine Ifejika, highlighted the need for additional investment in mature assets, citing the company's Ajapa field, where over $400m was invested after Brittania-U acquired the asset from Chevron.
The Nigerian Upstream Petroleum Regulatory Commission has said new incentives for offshore oil and gas projects could attract $50bn in new investment into Nigeria's offshore energy sector. However, the sector continues to face a shortage of skilled personnel required to take advantage of new offshore opportunities. Nigeria has recorded growth in crude and condensate production, with total oil output rising from 1.48 million barrels per day in February to 1.735 million barrels per day in June.
Key points
- Nigeria's current account surplus rose by 67.93 per cent to $7.54bn in Q2 2026.
- Crude oil exports increased by 15.78 per cent to $9.39bn in Q2 2026.
- New incentives for offshore oil and gas projects could attract $50bn in new investment into Nigeria's offshore energy sector.
