Nigeria recorded a balance of payments surplus of $4.60 billion in the third quarter of 2025, reflecting stronger external inflows and improving trade dynamics, according to data released by the Central Bank of Nigeria (CBN).
Okay News reports that the balance of payments, which tracks all financial transactions between a country and the rest of the world within a specific period, showed notable improvement compared with earlier quarters.
“Nigeria’s balance of payments for Q3 2025 resulted in a higher surplus of US$4.60 billion,” the CBN stated in its provisional report.
The apex bank said the surplus coincided with a sharp increase in the country’s external reserves, which climbed to $42.77 billion at the end of September 2025, up from $37.81 billion recorded at the end of June.
According to the CBN, data inconsistencies also reduced significantly during the period. “Net errors and omissions (NEO) for Q3 2025 compressed to negative US$3.09 billion as against negative US$12.71 billion in Q2 2025,” the report noted.
Despite the overall surplus, the bank said Nigeria’s current account balance moderated.
“Provisional balance of payments (BOP) statistics for Q3 2025 show a current account surplus of US$3.42 billion,” it said, adding that this was lower than the $5.81 billion recorded in the previous quarter and the $5.78 billion posted in the same period of 2024.
The CBN attributed the sustained current account surplus largely to improved export performance, particularly in the energy sector. It cited an increase in crude oil exports “from US$7.66 billion to US$8.45 billion (10.31%)” and a sharp rise in refined petroleum product exports “from US$1.59 billion to US$2.29 billion (44.03%).”
At the same time, refined petroleum imports declined. The bank reported “a decrease in refined petroleum product imports from US$1.89 billion to US$1.65 billion (12.70%),” alongside a sustained surplus in the secondary income account of $5.50 billion.
The goods account, a key component of the current account, recorded a surplus of $4.94 billion in Q3 2025, slightly below the $5.28 billion posted in Q2 but higher than the $3.93 billion recorded in the corresponding quarter of 2024. The CBN said this was driven by export growth, with total exports rising to $15.24 billion from $14.90 billion in the previous quarter.
“The country is gradually switching from a net importer of refined petroleum products to a net exporter,” the bank said, noting again that “import of petroleum products decreased by 12.7 per cent to US$1.65 billion.”
On the services side, the CBN reported higher net outflows. “Net outpayments in the services account rose to US$4.07 billion in Q3 2025 from US$3.74 billion in Q2 2025,” it said, attributing the increase to higher costs related to transport, travel, insurance, computer and information services, other business services, and government services.
The primary income account also widened into deficit. “The debit balance in the primary income account increased significantly to US$2.95 billion in Q3 2025, from US$1.25 billion in Q2 2025,” the bank explained, linking the development to the repatriation of reinvested earnings by domestic banks on foreign investments.
Diaspora remittances dipped slightly during the quarter, with personal transfers falling to $5.24 billion from $5.30 billion in Q2 2025. Meanwhile, the financial account posted a turnaround. “Financial account recorded a net lending position of US$0.32 billion in Q3 2025, as against a net borrowing of US$6.90 billion in Q2, 2025,” the CBN said.
According to the apex bank, the financial account outcome reflected higher outflows of residents’ portfolio investments, particularly equity investments abroad, alongside increased inflows of foreign direct investment liabilities into the Nigerian economy.
