Nigeria recorded a current account surplus of $3.73 billion in the first quarter of 2025, buoyed by a strong rebound in the goods account and a surge in non-oil exports.
This was revealed by the latest Balance of Payments (BoP) statistics released by the Central Bank of Nigeria (CBN).
Though the surplus declined slightly by 1.84 per cent from $3.80 billion in Q4 2024, it was marginally higher than the $3.69 billion posted in Q1 2024.
The improvement was largely attributed to a 30.39 per cent increase in non-oil exports, which rose to $2.66 billion in the period under review. Gas exports also saw a significant jump, increasing from $2.10 billion to $2.66 billion.
On the import side, non-oil imports dropped by 8.14 per cent to $6.77 billion, further strengthening the trade position.
The goods account, a major component of the current account, recorded a surplus of $4.16 billion in Q1 2025, up from $2.62 billion in the previous quarter.
This was driven by a 9.79 per cent rise in total exports to $13.91 billion, spurred by increased oil and gas shipments and the depreciation of the naira, which boosted the competitiveness of Nigerian non-oil goods in global markets.
