Nigeria recorded a current account surplus of $3.42 billion in the third quarter of 2025, driven largely by a sharp rise in exports of refined petroleum products, according to the Central Bank of Nigeria (CBN).
Data from the CBN’s Q3 2025 Balance of Payments Highlights show that exports of refined petroleum products surged by 44.03 per cent quarter-on-quarter, rising from $1.59 billion in Q2 to $2.29 billion in Q3. The increase marked one of the strongest quarterly performances for fuel exports in recent years.
The apex bank linked the growth to higher domestic refining activity and the gradual ramp-up of privately owned refineries, which reduced Nigeria’s reliance on imported fuel and expanded export volumes.
Fuel trade supports the external balance
Alongside the rise in fuel exports, Nigeria also recorded a decline in refined petroleum product imports. Import values fell by 12.7 per cent, dropping from $1.89 billion in Q2 to $1.65 billion in Q3 2025. This combination eased pressure on the trade balance and supported the overall external position.
Crude oil exports also increased during the quarter, climbing by 10.31 per cent from $7.66 billion to $8.45 billion, supported by improved crude evacuation and relatively stable international prices.
Despite these gains, the overall current account surplus declined from $5.81 billion in Q2 2025 and $5.78 billion in Q3 2024, indicating that higher oil and fuel exports only partly offset pressures from other components of the balance of payments.
The CBN noted that Nigeria’s balance of payments in Q3 “remained in surplus, supported largely by higher crude oil and refined petroleum product exports,” even as the headline surplus moderated compared with the previous quarter.
Broader pressures remain
The central bank attributed the narrower surplus to increased outflows in services and primary income accounts, as well as the effects of exchange-rate adjustments and rising non-oil import demand.
Secondary income flows, mainly diaspora remittances, continued to provide support. The CBN estimated a $5.50 billion surplus in the secondary income account, which helped cushion weaker balances elsewhere.
Nigeria’s external accounts have remained under close scrutiny in 2025 amid foreign exchange reforms, fuel subsidy removal, and efforts to expand domestic refining capacity. The strong growth in refined fuel exports aligns with the Federal Government’s strategy to reduce fuel imports and improve the energy trade balance.
While the fuel export performance strengthened Nigeria’s external position in Q3, the quarter-on-quarter decline in the overall surplus highlights ongoing structural pressures. Analysts note that sustaining gains will depend on continued growth in refined product exports, controlled import expansion, and stable remittance inflows.