Nigeria’s current account surplus widened sharply to $7.54 billion in the second quarter of 2026, supported by stronger export receipts and higher diaspora remittances, according to provisional balance-of-payments figures attributed to the Central Bank of Nigeria.

The figure was 67.9% above the $4.49 billion recorded in the first quarter and 45.8% higher than the $5.17 billion surplus in the same quarter of 2025, according to data reported on 18 September.

Exports drove the improvement

The goods account provided the largest boost. Its surplus increased to $10.12 billion in Q2 from $5.96 billion in Q1 as total exports rose to $20.08 billion from $15.56 billion.

Export growth was broad-based. Crude-oil receipts rose to $9.39 billion, natural-gas exports increased to $3.63 billion, refined-petroleum exports reached $3.94 billion and non-oil exports rose to $3.12 billion.

The figures are consistent with a wider improvement in Nigeria’s merchandise-trade position during the quarter. Separate National Bureau of Statistics data released earlier in September showed a positive Q2 goods-trade balance as exports outpaced imports.

Remittances also increased

Secondary-income inflows also strengthened. Personal transfers, including remittances from Nigerians abroad, rose to about $5.82 billion during the quarter, helping offset some of the money flowing out through services and investment income.

That matters because a current account measures more than the physical trade in goods. It also captures services, primary income such as investment payments, and secondary income including many cross-border transfers.

Not every part of the external account improved

The stronger headline surplus came alongside larger outflows elsewhere. Net services outflows rose to $4.67 billion from $3.71 billion in Q1, while the primary-income deficit widened to $4.20 billion from $3.23 billion.

Higher transport, travel and business-service payments contributed to services outflows, while dividend and interest payments to non-resident investors weighed on primary income.

Nigeria’s financial account, meanwhile, moved to a net lending position of $1.74 billion after recording net borrowing in the previous quarter. Portfolio-investment liabilities registered $7.09 billion of inflows, while foreign direct investment inflows were reported at $1.15 billion.

What the $7.54bn surplus means

A larger current account surplus generally means a country earned more from exports, income and transfers than it spent abroad through the corresponding current-account channels during the period. For Nigeria, the Q2 figures point to stronger foreign-currency earnings from energy and other exports, alongside resilient remittance inflows.

However, the durability of that improvement will depend on factors including export volumes and prices, the performance of non-oil exports, import demand and the scale of service and investment-income payments. A strong quarterly surplus therefore should not be read as a guarantee that foreign-exchange pressures have disappeared.

The development also comes as Nigeria continues efforts to strengthen its energy and external-financing position. FlyingEze previously reported on Nigeria completing requirements connected with the planned $5 billion African Energy Bank .

What to watch next

Future balance-of-payments releases will show whether the Q2 improvement can be sustained. Key indicators include crude-oil and gas export earnings, refined-product exports, non-oil export growth, remittances, services payments, foreign investment flows and the level of external reserves.

The latest figures are provisional and may be revised as the Central Bank updates its balance-of-payments statistics.