Nigeria’s total exports rose to $20.08 billion in the second quarter (Q2) of 2026, from $15.56 billion in the preceding quarter, helping to widen the country’s goods account surplus.
According to provisional balance of payments statistics released by the Central Bank of Nigeria (CBN), the goods account surplus increased to $10.12 billion in Q2 from $5.96 billion in Q1.
The figure was also higher than the $4.85 billion recorded in the corresponding quarter of 2025.
The increase in exports was driven by higher receipts from crude oil, natural gas, refined petroleum products and non-oil exports.
Crude oil exports rose by 15.78 per cent to $9.39 billion, while natural gas exports increased by 40.15 per cent to $3.63 billion.
Exports of refined petroleum products recorded the strongest growth, rising by 66.24 per cent to $3.94 billion.
Non-oil exports also increased by 25.30 per cent to $3.12 billion.
The goods account further benefited from a sharp decline in crude oil imports.
Crude oil imports fell to $580 million in Q2, compared with $1.39 billion in Q1.
The stronger goods balance contributed to an increase in Nigeria’s current account surplus, which rose by 67.9 per cent to $7.54 billion in Q2 from $4.49 billion in Q1.
The Q2 current account surplus was also 45.8 per cent higher than the $5.17 billion recorded in Q2 2025.
However, higher outflows from services and primary income accounts partly offset the improvement in the goods account.
Net services outflows increased to $4.67 billion from $3.71 billion in Q1, reflecting higher payments for transport, travel, insurance, business services and government services.
The primary income deficit also widened to $4.20 billion from $3.23 billion.
The CBN attributed the increase largely to higher dividend and interest payments to non-resident investors.
Meanwhile, Nigeria’s secondary income balance increased to $6.30 billion from $5.47 billion.
Personal transfers, including remittances from Nigerians living abroad, rose by 9.81 per cent to $5.82 billion during the quarter.
Nigeria’s financial account also recorded a net lending position of $1.74 billion in Q2, reversing the $2.03 billion net borrowing position recorded in Q1.
Portfolio investment liabilities recorded inflows of $7.09 billion, compared with $6.03 billion in Q1, while foreign direct investment inflows rose to $1.15 billion from $1.03 billion.
However, other investment assets recorded outflows of $7.96 billion, while other investment liabilities attracted $2.75 billion.
Overall, Nigeria recorded a balance of payments surplus of $3.51 billion in Q2.
The latest data follows a 255.71 per cent increase in the current account surplus in Q1 2026, when the figure rose to $4.98 billion from $1.40 billion in Q4 2025.
The CBN data indicates that stronger export receipts, higher remittances and lower crude oil imports continued to support Nigeria’s external position in the first half of 2026.
