Nigeria recorded a current account surplus of $3.42 billion in the third quarter (Q3) of 2025, representing a 41.14 per cent decline from the $5.81 billion surplus posted in the preceding quarter, according to the Central Bank of Nigeria (CBN).
The figure, contained in the apex bank’s latest Balance of Payments (BoP) report, was also lower than the $5.78 billion recorded in the corresponding period of 2024, underscoring the impact of rising external obligations despite stronger earnings from the oil sector.
The provisional balance of payments statistics for Q3 show a current account surplus of $3.42 billion. This is lower than the $5.81 billion and $5.78 billion recorded in the preceding quarter (Q2) and the corresponding period of 2024, respectively,” the CBN stated.
The current account remained in surplus largely on the back of improved export receipts. Total exports rose to $15.24 billion in Q3, from $14.9 billion in the previous quarter, driven mainly by higher crude oil and refined petroleum product exports.
Crude oil export earnings increased by 10.31 per cent to $8.45 billion, while exports of refined petroleum products surged by 44.03 per cent to $2.29 billion, reflecting growing domestic refining capacity. However, gas export earnings declined by 30.21 per cent to $2.31 billion, while non-oil exports fell to $2.19 billion from $2.34 billion in Q2.
Imports also expanded during the quarter, rising to $10.3 billion from $9.61 billion in the previous quarter.
Imports of refined petroleum products declined by 12.7 per cent to $1.65 billion, signalling Nigeria’s gradual transition towards becoming a net exporter of refined fuels. In contrast, non-oil imports increased to $7.08 billion from $6.68 billion.
Despite the rise in imports, the goods account remained in surplus at $4.94 billion, slightly below the $5.28 billion recorded in Q2 but well above the $3.93 billion posted in Q3 2024. The CBN attributed the sustained surplus to improved performance in crude oil and refined-product exports.
Foreign exchange inflows through the secondary income account, particularly diaspora remittances, remained strong at $5.5 billion, marginally below the $5.51 billion recorded in the previous quarter. Workers’ remittances dipped slightly to $5.24 billion from $5.3 billion.
However, higher outflows on services and primary income partially offset these inflows. Net services payments widened to a deficit of $4.07 billion, compared with $3.74 billion in Q2, driven by increased spending on transport, travel, insurance, ICT-related services and government services.
The primary income account also deteriorated sharply, posting a net debit of $2.95 billion, up from $1.25 billion in the preceding quarter.
According to the CBN, this was largely due to the repatriation of reinvested earnings by domestic banks on foreign investments, highlighting continued pressure from profit and dividend payments on Nigeria’s external position.
On the financial account, Nigeria recorded a net lending position of $0.32 billion, a marked turnaround from the net borrowing of $6.9 billion in Q2 2025.
This reflected higher accumulation of external financial assets, including reserves.
Portfolio investment inflows declined to $2.51 billion from $5.28 billion, indicating reduced foreign participation in domestic securities.
In contrast, foreign direct investment inflows rose sharply to $0.72 billion from $0.09 billion in the previous quarter. Other investment liabilities stood at $0.84 billion, while Nigerian investments abroad recorded reversals and outflows across direct, portfolio and other investment categories.
