Nigeria's current account surplus experienced a significant increase in the second quarter of 2026, rising to $7.54 billion from $4.49 billion in the first quarter. This growth was primarily driven by an improvement in the country's external position, fueled by stronger petroleum exports, lower crude oil imports, and higher non-oil exports. The surplus also surpassed the $5.17 billion recorded in the same period of 2025.
The goods account was a major contributor to the increased surplus, rising to $10.12 billion from $5.96 billion in Q1. This growth was attributed to higher export receipts from crude oil, gas, and refined petroleum products, as well as stronger non-oil exports and lower crude imports. Refined petroleum products recorded a notable increase, with export earnings rising to $3.94 billion in Q2 from $2.37 billion in Q1.
Refined petroleum export earnings surged 66.24 percent quarterly and about 148 percent growth from $1.59 billion a year earlier. Crude oil remained the largest source of petroleum export earnings at $9.39 billion, up 15.78 percent from Q1, while gas exports rose 40.15 percent to $3.63 billion. Combined earnings from crude oil, gas, and refined petroleum products reached $16.96 billion.
The increase in refined-product exports coincided with rising domestic refining activity. The US Energy Information Administration reported that Nigeria's seaborne petroleum-product shipments averaged 561,000 barrels per day in Q2 2026, compared with 79,000 barrels per day in 2023. Exports averaged 350,000 barrels per day, up from 46,000 barrels per day in 2023.
Nigeria also reduced its spending on crude imports, with CBN data showing a 58.27 percent decline to $580 million in Q2 from $1.39 billion in Q1. Non-oil exports provided additional support, rising 25.3 percent to $3.12 billion. Total goods exports increased to $20.08 billion from $15.56 billion in Q1.
Beyond trade, personal transfers, including remittances, rose 9.81 percent to $5.82 billion. Portfolio investment liabilities increased to $7.09 billion from $6.03 billion, while foreign direct investment rose to $1.15 billion from $1.03 billion. Nigeria's external reserves also increased to $51.39 billion at the end of June from $48.35 billion at the end of March.
The latest data indicate a gradual shift in Nigeria's petroleum trade structure, with refined petroleum products becoming a larger source of foreign exchange as domestic refining expands. While crude oil remains the dominant export earner, the development is significant for an economy that historically exported crude while relying heavily on imported refined fuel.
Key points
- Nigeria's current account surplus rose to $7.54 billion in Q2 2026.
- Refined petroleum export earnings surged 66.24 percent quarterly.
- Crude oil imports fell 58.27 percent to $580 million in Q2.
