KEY POINTS
- Nigeria’s gas export earnings rose 12.95% to $2.53 billion in Q1 2026 from $2.24 billion previously.
- Nigeria’s current account surplus surged 256% to $4.98 billion in Q1 2026 driven by stronger exports.
- Refined petroleum product imports collapsed 87.5% to $310 million as the Dangote refinery ramps up.
Nigeria’s external accounts are telling a different story in 2026. The numbers from the Central Bank of Nigeria make that clear.
Gas export earnings rose 12.95 percent to $2.53 billion in the first quarter of 2026, up from $2.24 billion in the fourth quarter of 2025, according to the CBN’s latest Balance of Payments Highlights. The figure forms part of a broader export surge that pushed Nigeria’s current account surplus to $4.98 billion in Q1 2026, up 256 percent from $1.40 billion in the preceding quarter and 46 percent above the $3.41 billion recorded in the same period of 2025.
The gas export gain did not happen in isolation. Crude oil export earnings rose 19.79 percent to $8.11 billion from $6.77 billion. Refined petroleum product exports climbed 20.3 percent to $2.37 billion from $1.97 billion. Together, the three categories drove total exports to $15.49 billion in Q1, up from $13.36 billion in Q4 2025.
The import collapse that changed the equation
While exports grew, imports fell sharply. Total imports declined to $9.54 billion from $11.59 billion in the preceding quarter. The single biggest driver was a collapse in refined petroleum product imports, which dropped 87.5 percent to $310 million from $2.48 billion. That figure tells the story of the Dangote Petroleum Refinery’s growing impact on Nigeria’s trade balance. As domestic refining capacity ramps up, the country needs far less imported fuel.
Non-oil imports also declined, falling 10.49 percent to $7.85 billion. Non-oil exports grew modestly by 4.62 percent to $2.49 billion.
What the numbers mean for Nigeria’s reserves
The CBN said the combined effect of stronger export receipts and lower imports strengthened Nigeria’s external position. The goods account surplus, which is the largest component of the current account, rose to $5.95 billion in Q1 2026. That compares with $1.77 billion in Q4 2025 and $3.35 billion in Q1 2025.
Nigeria’s external reserves grew to $48.35 billion at the end of March 2026, up from $45.75 billion in December 2025. The overall balance of payments recorded a surplus of $2.38 billion in the quarter. The numbers point to an external sector that is significantly more resilient than it was twelve months ago.
