Nigeria’s Q2 External Earnings Hit $20.08bn as Oil, Gas and Refined Fuel Exports Lift Current Account Surplus.

Nigeria’s external position strengthened in the second quarter of 2026 as total exports climbed to $20.08 billion, helping the country record a $7.54 billion current account surplus, according to provisional Balance of Payments data from the Central Bank of Nigeria (CBN).

The Q2 export figure represents a significant increase from the $15.56 billion recorded in the first quarter of 2026 and was driven by higher receipts from crude oil, natural gas, refined petroleum products and non-oil exports. The current account surplus also rose 67.9 per cent from $4.49 billion in Q1 and was 45.8 per cent higher than the $5.17 billion recorded in the corresponding quarter of 2025.

The CBN data showed that Nigeria’s goods account surplus expanded to $10.12 billion in Q2, compared with $5.96 billion in Q1 and $4.85 billion in Q2 2025. The wider goods surplus was central to the improvement in the country’s external position, although higher outflows in services and primary income moderated the overall gain.

Crude oil remained Nigeria’s largest individual export earner during the quarter. Crude oil export receipts increased by 15.78 per cent to $9.39 billion, compared with $8.11 billion in Q1. Natural gas exports also recorded strong growth, rising 40.15 per cent to $3.63 billion from $2.59 billion in the preceding quarter.

Refined petroleum products recorded an even sharper increase. Export earnings from refined petroleum products rose by 66.24 per cent to $3.94 billion in Q2. Non-oil exports also increased by 25.30 per cent to $3.12 billion, indicating that the expansion in merchandise exports was not limited entirely to crude oil.

Taken together, crude oil, natural gas and refined petroleum products generated approximately $16.96 billion in export earnings during the quarter. Nairametrics, citing CBN data, reported that the three categories accounted for about 84.5 per cent of Nigeria’s total goods exports in Q2, underscoring the continued importance of the petroleum sector to the country’s external earnings.

Nigeria also benefited from a substantial reduction in crude oil imports. Crude imports fell to $580 million in Q2 from $1.39 billion in Q1, providing additional support to the goods balance. Petroleum-related imports overall declined to $1.24 billion from $1.75 billion in the preceding quarter, according to analysis of the CBN figures.

Diaspora remittances provided another important source of external inflows. Personal transfers increased to $5.82 billion in Q2 from $5.30 billion in Q1, while the secondary-income balance rose to $6.30 billion from $5.47 billion. The stronger remittance inflows helped cushion higher outflows recorded elsewhere in the current account.

However, the improved external position did not mean that every component of Nigeria’s external accounts strengthened. The services account recorded a net outflow of $4.67 billion in Q2, compared with $3.71 billion in Q1, while the primary-income deficit widened to $4.20 billion from $3.23 billion. These figures reflect continued payments for services and income owed to foreign investors and other external interests.

The financial account also showed stronger capital movements. Portfolio investment inflows rose to $7.09 billion from $6.03 billion in Q1, while foreign direct investment inflows increased to $1.15 billion from $1.03 billion. Nigeria consequently recorded a net lending position of $1.74 billion in Q2, reversing a net borrowing position of $2.03 billion in Q1.

Overall, Nigeria recorded a $3.51 billion balance-of-payments surplus during the second quarter, according to the CBN figures. The data point to a stronger flow of foreign exchange into the economy during the period, although the country’s continued dependence on petroleum exports remains an important structural feature of its external sector.

The latest figures have attracted coverage from several Nigerian financial and mainstream news organisations, Their reports broadly reflect the CBN’s provisional figures, with export growth, petroleum receipts and remittances identified among the principal factors behind the stronger Q2 current account position.

For Nigeria, the Q2 data provide a snapshot of improving external balances, but they also highlight the continuing significance of oil and gas to foreign-exchange earnings. Sustaining stronger external accounts over the longer term will depend not only on petroleum receipts but also on the expansion of non-oil exports, investment inflows and other sources of foreign exchange.

Nigeria’s external earnings reached $20.08bn in Q2 2026 as crude oil, gas, refined petroleum and non-oil exports helped push the current account surplus to $7.54bn.