Nigeria’s crude oil export earnings increased to $8.11 billion in the first quarter of 2026, driven by improved oil production and stronger export performance, according to the latest Balance of Payments report released by the Central Bank of Nigeria.
The figure represents a 19.79 per cent increase from the $6.77 billion recorded in the fourth quarter of 2025 and contributed significantly to the country’s improved external position.
The apex bank said higher crude oil earnings, alongside increased exports of gas and refined petroleum products, pushed Nigeria’s current account surplus to $4.98 billion in Q1 2026, up from $1.40 billion in the previous quarter.
Gas export earnings rose to $2.53 billion from $2.24 billion, while refined petroleum product exports increased to $2.37 billion from $1.97 billion over the same period.
The report also showed a sharp decline in petroleum product imports, which fell by 87.5 per cent to $310 million in Q1 2026 from $2.48 billion in the preceding quarter, easing pressure on the country’s import bill.
As a result, Nigeria’s goods account surplus climbed to $5.95 billion, compared to $1.77 billion in the fourth quarter of 2025 and $3.35 billion in the corresponding period of 2025.
Total exports increased to $15.49 billion from $13.36 billion, largely driven by crude oil and gas shipments, while non-oil exports grew by 4.62 per cent to $2.49 billion.
On the import side, total imports declined to $9.54 billion from $11.59 billion due to lower imports of refined petroleum products and non-oil goods. Non-oil imports fell by 10.49 per cent to $7.85 billion, although crude oil imports rose to $1.39 billion from $340 million in the previous quarter.
According to the CBN, the combination of stronger export receipts and reduced imports strengthened Nigeria’s external sector despite lower remittance inflows and increased service-related payments.
The report further showed that the country recorded an overall balance of payments surplus of $2.38 billion in Q1 2026, while external reserves rose to $48.35 billion at the end of March 2026 from $45.75 billion in December 2025.
The figures underscore the growing contribution of the oil and gas sector to Nigeria’s foreign exchange earnings, with rising petroleum exports and reduced dependence on imported fuel helping to support macroeconomic stability.
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