CBN: Non-oil, gas exports increased Nigeria’s current account surplus to $3.73bn

The Central Bank of Nigeria (CBN) says the country recorded a current account surplus of $3.73 billion in the first quarter (Q1) of 2025, while the overall balance of payments (BOP) deficit was $2.77 billion.

According to CBN’s balance of payments highlights for Q1 2025, the current account increased by 1.08 percent from $3.69 billion recorded in Q1 2024.

A current account surplus means Nigeria earned more from exports, remittances, and other transfers than it spent on imports and services.

The BOP is a record of all financial transactions made between a country and the rest of the world over a specific period, usually a year or a quarter.

CBN announced the record in its Q1 balance of payments report released on Thursday.

“Provisional balance of payments (BOP) statistics for Q1 2025 show a current account surplus of $3.73 billion, which was lower than the $3.80 billion recorded in the previous quarter, but slightly higher than the $3.69 billion recorded in the corresponding period of 2024,” the apex bank said.

“Nigeria’s overall balance of payments for Q1 2025 resulted in a deficit of $2.77 billion.”

CRUDE OIL, GAS, NON-OIL EXPORTS LIFT TRADE BALANCE

CBN said the major contributors to the current account surplus were from the goods account and were mainly driven by increased non-oil and gas exports.

“Increase in non-oil exports by 30.39 percent to $2.66bn. Increase in gas exports from $2.10 billion to $2.66bn,” the apex bank said.

“Decrease in non-oil imports from $7.37 billion to $6.77 billion, and sustained surplus in the secondary income account of $5.29 billion.”

Further breakdown of the goods account balance showed that gas exports contributed $2.66 billion, non-oil and electricity exports $2.66 billion, crude and petroleum products imports $2.98 billion, non-oil imports $6.77 billion, and crude oil exports $8.59 billion.

“Higher balance in the goods account was driven by an increase in exports by 9.79 percent to $13.91 billion in Q1 2025, as a result of the increase in oil & gas exports earnings as well as non-oil exports,” CBN said.

“This development was triggered by higher quantities of oil & gas exported and depreciation of the naira, which made our non-oil exports cheaper/more competitive.

“Decreased imports to $9.75 billion in Q1 2025, from $10.05 billion in Q4 2024, occasioned by a reduction in petroleum products and non-oil imports.”

According to the CBN, other current account components such as net out-payments in services increased to $3.69 billion in Q1 2025 – up from $3.48 billion in Q4 2024.

The bank added that the debit balance in the primary income account increased by 13.48 percent to $2.02 billion in Q1 2025, while the balance in the secondary income account balance decreased by 17.86 percent to $5.29 billion in Q1 2025.

CBN said this was driven by “reduction in the inflow of foreign aid and grants, which could be attributable to the executive order signed by the US President”.