Nigeria’s current account surplus narrowed significantly in the third quarter of 2025, falling by over forty percent to three-point-four-two billion dollars, according to new data from the Central Bank of Nigeria.
The decline from the five-point-eight-one billion dollars recorded in the previous quarter highlights the growing pressure of rising import bills and foreign investor profit repatriation, which are offsetting gains from a stronger performance in the oil sector.
While the country’s trade balance remains positive, the figures point to a complex economic picture where external obligations are rising faster than export earnings.
The surplus was primarily sustained by a surge in exports, which climbed to fifteen-point-two-four billion dollars.
This increase was driven by a ten percent rise in crude oil export earnings, which reached eight-point-four-five billion dollars, and a remarkable forty-four percent jump in refined petroleum product exports, which totaled two-point-two-nine billion dollars. This suggests Nigeria is making progress toward its goal of becoming a net exporter of refined fuels.
However, these gains were partially offset by a thirty percent drop in gas exports and a decline in non-oil exports, which fell to two-point-one-nine billion dollars. At the same time, total imports rose to ten-point-three-zero billion dollars, fueled by higher non-oil imports, which kept the overall goods trade surplus from growing further.
While strong inflows from diaspora remittances remained steady at five-point-five-zero billion dollars, other parts of the financial ledger showed significant strain.
The deficit in the services account widened as Nigeria spent more on foreign transport, travel, and technology services. More importantly, the primary income account, which tracks profit and dividend payments to foreign investors, recorded a sharply higher deficit of two-point-nine-five billion dollars.
The Central Bank attributed this largely to the repatriation of reinvested earnings by domestic banks on their foreign investments, underscoring the constant outflow of capital from the economy.
Despite these pressures, the overall balance of payments swung back to a surplus of four-point-six-zero billion dollars, a significant turnaround from the deficit recorded in the previous quarter.
This was accompanied by a notable increase in the country’s external reserves, which climbed to forty-two-point-seven-seven billion dollars. The data also revealed a sharp increase in foreign direct investment, though portfolio investment (often called “hot money”) saw a decline, indicating a mixed appetite from foreign investors.
