Nigeria returned to a balance-of-payments surplus in the third quarter of 2025, buoyed by stronger export earnings, resilient diaspora remittances, and renewed foreign capital inflows that helped rebuild the country’s external buffers.
Africa’s largest oil producer recorded an overall BOP surplus of $4.6 billion in the three months to September, reversing a deficit in the previous quarter, according to data released by the Central Bank of Nigeria. The improvement was underpinned by a sustained current-account surplus of $3.42 billion, reflecting gains in trade, secondary income, and financial flows.
The turnaround was driven largely by a wider goods trade surplus, which stood at $4.94 billion in the quarter. Crude oil exports rose to $8.45 billion, supported by improved output and firmer prices, while exports of refined petroleum products jumped 44 percent to $2.29 billion.
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The increase points to the expansion of domestic refining capacity, particularly the 650,000-barrel-per-day Dangote Refinery, reinforcing Nigeria’s gradual shift from being a net importer to an exporter of refined fuels.
Total goods exports rose to $15.24 billion, while imports of refined petroleum products decreased by 12.7 percent, easing pressure on foreign-exchange demand and improving the trade balance. Fuel imports have historically been one of the biggest drains on Nigeria’s external accounts, despite the country’s status as a major crude exporter.
Workers’ remittances remained a key support for the external position. The secondary income account recorded a surplus of $5.5 billion, including $5.24 billion in remittance inflows from Nigerians in the diaspora. Such flows have become increasingly important as policymakers seek to diversify foreign-exchange sources away from oil revenues.
Developments in the financial account also supported the overall outcome, with Nigeria posting a net lending position of $320 million. Foreign direct investment inflows rose to $720 million, while portfolio investment reached $2.51 billion, reflecting stronger non-resident participation in domestic debt and equity markets.
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Nigeria is witnessing renewed investor sentiment, supported by foreign-exchange reforms, a more flexible exchange-rate regime, and tighter monetary policy aimed at restoring confidence and luring in scarce hard currency.
Nigeria’s external reserves increased to $42.77 billion at the end of September, up from $37.81 billion at the end of June, strengthening the central bank’s capacity to support the naira and meet external obligations.
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The central bank said the Q3 BOP performance highlights improving external-sector fundamentals, firmer investor confidence, and the cumulative impact of reforms in the foreign-exchange market, monetary policy, and the domestic energy sector.