Nigeria recorded a current account surplus of $3.73 billion in the first quarter of 2025, reflecting improved trade performance driven by a sharp rebound in the goods account and a notable rise in non-oil exports.
The data, released by the Central Bank of Nigeria (CBN) in its latest Balance of Payments (BoP) report, showed that while the surplus dipped slightly by 1.84% from $3.80 billion in Q4 2024, it was marginally higher than the $3.69 billion reported in the same period last year.
A key driver of this positive trend was the 30.39% increase in non-oil exports, which surged to $2.66 billion during the review period. Gas exports also rose significantly, climbing from $2.10 billion to $2.66 billion.
On the import side, non-oil imports fell by 8.14% to $6.77 billion, further improving the trade balance. The goods account, a critical component of the current account, posted a strong surplus of $4.16 billion, compared to $2.62 billion in the previous quarter.
This performance was underpinned by a 9.79% rise in total exports to $13.91 billion, fueled by increased oil and gas shipments. Additionally, the depreciation of the naira enhanced the price competitiveness of Nigerian non-oil products in international markets.
Analysts say this surplus reflects improving external sector resilience and may help stabilise Nigeria’s foreign exchange reserves and support monetary policy efforts aimed at managing the exchange rate and inflation.
