Nigeria posted a current account surplus of $3.73 billion in the first quarter of 2025, according to data released by the Central Bank of Nigeria (CBN) on Thursday. The positive performance was mainly driven by higher non-oil and gas exports, as well as a drop in imports.
The latest figure marks a 1.08% increase compared to the $3.69 billion surplus recorded in the same period last year. However, it is slightly lower than the $3.80 billion posted in the final quarter of 2024.
Despite the current account surplus, Nigeria recorded an overall balance of payments deficit of $2.77 billion for Q1 2025.
Key Drivers of Growth
The CBN attributed the improved current account balance to a 30.39% jump in non-oil exports, which rose to $2.66 billion. Gas exports also grew, increasing from $2.10 billion in the previous year to $2.66 billion in Q1 2025.
In addition, non-oil imports dropped from $7.37 billion to $6.77 billion, which contributed to a stronger goods account. Imports of crude and petroleum products stood at $2.98 billion for the quarter.
Trade Figures at a Glance:
- Total exports: Up 9.79% to $13.91 billion, boosted by increased oil and gas shipments and a weaker naira, which made Nigerian goods more competitive.
- Total imports: Down to $9.75 billion from $10.05 billion in Q4 2024.
- Crude oil exports: $8.59 billion
- Non-oil & electricity exports: $2.66 billion
Other Current Account Components
The report also highlighted an increase in net out-payments for services, rising to $3.69 billion from $3.48 billion in the previous quarter. The primary income account recorded a debit of $2.02 billion,a 13.5% increase, while secondary income flows, such as remittances and grants, dropped by 17.86% to $5.29 billion.
According to the CBN, the drop in secondary income was linked to reduced foreign aid and grants, possibly connected to a recent executive order issued by the US President.
The CBN’s data shows that stronger non-oil exports and lower imports have helped Nigeria maintain a current account surplus in Q1 2025, despite an overall balance of payments deficit. The central bank noted that continued export growth and import reduction will be key to sustaining this positive trend.