Nigeria’s shift toward a diversified, export-driven economy is beginning to yield fruits as shown in the macroeconomic indicators, with the country’s current account balance surging to US$5.28 billion in the second quarter of 2025, its strongest position in years.
This performance, according to an Apex Bank report, represents an increase of more than 85 per cent from US$2.85 billion recorded in the first quarter.
The improvement comes at a time of mounting global economic uncertainty, particularly with international oil prices dropping to US$63 per barrel and warnings that Brent crude could dip below US$50 before the end of the year.
Ordinarily, such price volatility would rattle Nigeria’s fiscal structure, but the strengthened current account position illustrates that the economy is gradually developing new buffers outside the volatile oil market.
Experts said at the heart of this transformation is the CBN’s ongoing FX reform agenda, designed to increase transparency, enhance price discovery, and unlock Nigeria’s non-oil export potential.
The adoption of a single, market-determined exchange rate, coupled with the deployment of the Electronic Foreign Exchange Management System (EFEMS) powered by Bloomberg’s BMatch technology, has removed much of the opacity that previously plagued the FX market.
