Nigeria recorded a current account surplus of $3.73bn in the first quarter (Q1) of 2025, according to the latest Balance of Payments (BOP) report released by the Central Bank of Nigeria (CBN).
This marks a 1.08% increase from the $3.69bn surplus recorded in Q1 2024, despite the country registering an overall balance of payments deficit of $2.77bn during the same period.
A current account surplus means the country earned more from exports, remittances, and transfers than it spent on imports and services.
“Provisional balance of payments (BOP) statistics for Q1 2025 show a current account surplus of $3.73bn, which was lower than the $3.80bn recorded in the previous quarter, but slightly higher than the $3.69bn recorded in the corresponding period of 2024,” the CBN stated.
“Nigeria’s overall balance of payments for Q1 2025 resulted in a deficit of $2.77bn.”
Key export commodities behind the trade boost
The central bank attributed the surplus primarily to strong performance in non-oil and gas exports, as well as a decline in import volumes.
“Increase in non-oil exports by 30.39% to $2.66bn. Increase in gas exports from $2.10bn to $2.66bn,” the bank said.
“Decrease in non-oil imports from $7.37bn to $6.77bn, and sustained surplus in the secondary income account of $5.29bn.”
Breakdown of the goods account balance includes:
- Gas exports: $2.66bn
- Non-oil and electricity exports: $2.66bn
- Crude/petroleum product imports: $2.98bn
- Non-oil imports: $6.77bn
- Crude oil exports: $8.59bn
“Higher balance in the goods account was driven by an increase in exports by 9.79% to $13.91bn in Q1 2025, as a result of the increase in oil & gas exports earnings as well as non-oil exports,” the CBN explained.
“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 $9.75bn in Q1 2025, from $10.05bn in Q4 2024, occasioned by a reduction in petroleum products and non-oil imports.”
Other current account components
The CBN also noted movements in other segments of the current account:
- Net out-payments for services rose to $3.69bn in Q1 2025, up from $3.48bn in Q4 2024.
- The debit balance in the primary income account increased by 13.48% to $2.02bn.
- The secondary income account balance declined by 17.86% to $5.29bn.
According to the central bank, this decline was driven by a reduction in foreign aid and grants, linked to recent executive orders signed by the U.S. President.
In a related development, the National Bureau of Statistics (NBS) said that Nigeria exported N65.85bn worth of firewood in Q2 2025.