Nigeria record current account surplus of $3.42 billion for the third quarter of 2025, representing sharp 41.14 per cent drop from the $5.81 billion surplus recorded for Q2 2025.
This one come from latest Balance of Payments (BoP) Highlights released by the Central Bank of Nigeria (CBN).
The figure also fall below the $5.78 billion surplus recorded for same period in 2024, as rising external obligations continue to put pressure on the country balance, despite stronger earnings from oil sector.
According to the CBN report, provisional BoP data for Q3 2025 show say Nigeria still maintain surplus position, but the level reduce compared with both the previous quarter and same quarter last year.
CBN explain say the surplus mainly come because export earnings improve during the quarter. Total exports rise to $15.24 billion in Q3 2025, from $14.90 billion recorded in Q2 2025.
Crude oil export earnings increase by 10.31 per cent to $8.45 billion, while exports of refined petroleum products jump by 44.03 per cent to $2.29 billion, showing growing capacity for refined fuel exports.
However, gas exports drop sharply by 30.21 per cent to $2.31 billion, while non-oil exports also decline to $2.19 billion from $2.34 billion in the previous quarter.
On the import side, total imports rise to $10.30 billion in Q3 2025, up from $9.61 billion in Q2 2025. One major development during the period be continued fall in fuel imports.
Imports of refined petroleum products drop by 12.70 per cent to $1.65 billion, showing Nigeria gradual movement towards becoming net exporter of refined fuel. Non-oil imports, however, increase to $7.08 billion from $6.68 billion.
Despite higher imports, the goods account remain in surplus at $4.94 billion, slightly lower than the $5.28 billion surplus recorded in Q2 2025, but still higher than the $3.93 billion recorded in Q3 2024. CBN say strong crude oil and refined product exports help sustain the positive goods balance.
Remittances Strong, But Services and Income Outflows Increase
Foreign exchange inflows through secondary income, especially diaspora remittances, remain strong during the quarter. The account record $5.50 billion in Q3 2025, just slightly below the $5.51 billion recorded in Q2 2025.
Workers’ remittances fall marginally to $5.24 billion from $5.30 billion in the previous quarter.
However, these inflows no enough to offset higher outflows for services and primary income. Net services payments widen to minus $4.07 billion, from minus $3.74 billion in Q2 2025, driven by higher spending on transport, travel, insurance, ICT services and government-related services.
The primary income account also worsen significantly, recording net debit of $2.95 billion, compared with $1.25 billion in Q2 2025. CBN attribute this mainly to repatriation of reinvested earnings by Nigerian banks on their foreign investments, highlighting continued pressure from profit and dividend payments.
Financial Account Turn Surplus as Reserves Rise
Nigeria financial account swing to net lending position of $0.32 billion in Q3 2025, strong turnaround from net borrowing of $6.90 billion recorded in Q2 2025. This show say Nigeria accumulate more external financial assets, including reserves, than the inflows received.
Portfolio investment inflows fall to $2.51 billion from $5.28 billion in Q2 2025, reflecting lower foreign participation in local financial assets. On the other hand, foreign direct investment (FDI) rise sharply to $0.72 billion, up from $0.09 billion in the previous quarter.
Other investment liabilities stand at $0.84 billion, while Nigerian investments abroad record reversals and outflows across different asset classes.
Overall, Nigeria balance of payments return to surplus of $4.60 billion in Q3 2025, compared with deficit of $0.27 billion in Q2 2025. External reserves also rise significantly to $42.77 billion as at end of September 2025, from $37.81 billion recorded at end of June 2025.
CBN also note improvement in data quality, as net errors and omissions narrow sharply to minus $3.09 billion from minus $12.71 billion in the previous quarter, indicating fewer unrecorded transactions.
