Abuja, Nigeria – Nigeria’s current account surplus plunged 65.52 percent to $1.4 billion in Q4 2025 from $4.06 billion in Q3, with the overall balance of payments surplus also falling to $2.67 billion from $4.6 billion, as Central Bank of Nigeria data revealed weakening oil exports and surging imports that strained West Africa’s biggest economy amid global energy shocks.
Okay News reports the bank’s provisional figures, stating a goods account surplus drop of 60.93 percent to $1.77 billion driven by crude oil exports declining 20.54 percent to $6.77 billion, refined petroleum falling 13.97 percent to $1.97 billion, total exports shrinking to $13.36 billion from $15.31 billion, while non-oil imports jumped 24.93 percent to $8.77 billion, primary income deficit widening 47.30 percent to $3.27 billion, though services outflows narrowed to $3.32 billion and remittances rose to $6.21 billion for some cushion.
Financial flows mixed with net borrowing up to $1.96 billion, portfolio investment inflows surging to $5.27 billion from $2.51 billion signaling asset interest, foreign direct investment dipping to $1.11 billion from $1.46 billion, and external reserves climbing 6.97 percent to $45.75 billion by December, offering buffers against trade pressures.
The sharp export slump underscores oil dependence vulnerabilities as global prices fluctuate from Middle East tensions, while rising imports reflect domestic demand amid naira stability efforts, contrasting full-year 2025’s $4.23 billion BoP surplus down from 2024’s $6.83 billion and highlighting external risks despite remittance and portfolio support.
Policymakers eye diversification through non-oil growth and investment retention, as reserves provide breathing room but sustained deficits could test forex defenses in a volatile world.
