Nigeria’s crude oil export revenue rose to $8.11bn in the first quarter of 2026, reflecting improved oil production and stronger export performance, according to the latest Balance of Payments report released by the Central Bank of Nigeria (CBN).
The figure represents a 19.79 per cent increase from the $6.77bn recorded in the fourth quarter of 2025 and contributed significantly to the country’s stronger external sector position during the review period.
The CBN disclosed that the increase in crude oil earnings, alongside higher gas and refined petroleum product exports, helped drive Nigeria’s current account surplus to $4.98bn in Q1 2026, up from $1.40bn in the preceding quarter.
According to the apex bank, gas export earnings rose to $2.53bn from $2.24bn, while refined petroleum product exports increased to $2.37bn from $1.97bn over the same period.
The report noted that the improvement in export earnings coincided with a sharp decline in petroleum product imports. Refined petroleum product imports fell by 87.5 per cent to $0.31bn in Q1 2026 from $2.48bn in the previous quarter, reducing pressure on the country’s import bill.
The stronger export performance boosted the goods account surplus to $5.95bn, compared with $1.77bn recorded in the fourth quarter of 2025 and $3.35bn in the corresponding period of 2025.
“The goods account recorded a significantly higher surplus of $5.95bn in Q1 2026, as against $1.77bn and $3.35bn recorded in the preceding quarter and corresponding period of 2025,” the CBN stated.
Total exports increased to $15.49bn from $13.36bn in the preceding quarter, driven largely by crude oil and gas shipments. Non-oil exports also improved marginally by 4.62 per cent to $2.49bn.
On the import side, total imports declined to $9.54bn from $11.59bn, reflecting lower imports of refined petroleum products and non-oil goods. Non-oil imports fell by 10.49 per cent to $7.85bn, although crude oil imports rose to $1.39bn from $0.34bn in the previous quarter.
The CBN said the combined impact of stronger export receipts and lower imports strengthened Nigeria’s external position despite a decline in remittance inflows and higher service-related payments.
The report showed that the country’s overall balance of payments recorded a surplus of $2.38bn in Q1 2026, while external reserves rose to $48.35bn at the end of March 2026 from $45.75bn at the end of December 2025.
The figures underscore the growing contribution of the oil and gas sector to Nigeria’s foreign exchange earnings, with rising petroleum exports and reduced dependence on imported fuel helping to support macroeconomic stability.
(The Whistler)
