Nigeria’s external sector recorded a strong performance in the third quarter of 2025 (Q3 2025), posting an overall Balance of Payments (BOP) surplus of $4.60 billion.
This was disclosed in the “Balance of Payments Highlights for the Third Quarter of 2025” report released by the Central Bank of Nigeria (CBN) on Monday, December 29, 2025.
The result represents a sharp turnaround from the $0.27 billion deficit recorded in Q2 2025 and a slight improvement over the $4.21 billion surplus posted in Q3 2024.
As a result, Nigeria’s external reserves rose to $42.77 billion at the end of September 2025, from $37.81 billion in June. The reserves have since increased to $45.28 billion as of December 24, 2025.
The country’s current account recorded a surplus of $3.42 billion, although this was lower than the $5.81 billion in Q2 2025 and the $5.78 billion recorded in the same period of 2024.
The surplus was driven mainly by higher crude oil exports, which increased from $7.66 billion to $8.45 billion, representing a 10.31% rise.
Refined petroleum product exports also jumped from $1.59 billion to $2.29 billion, up by 44.03%.
Other supporting factors included a decline in refined petroleum product imports from $1.89 billion to $1.65 billion, as well as a sustained surplus of $5.50 billion in the secondary income account.
Overall goods exports rose by 2.3% to $15.24 billion. This growth was led by crude oil exports, which rose by 10.3%, and refined petroleum products, which surged by 44%.
The increase shows Nigeria’s growing role as a net exporter of refined fuels, supported by higher output from the Dangote Refinery and other local refineries.
Imports, however, increased by 7.2% to $10.30 billion, due largely to higher demand for non-oil goods and crude oil inputs. Non-oil exports declined by 6.4% to $2.19 billion, while gas exports fell by 30%.
Payments for services widened to $4.07 billion, driven by higher transport and travel costs.
Primary income outflows also rose sharply, with the deficit expanding by 136% to $2.95 billion, mainly due to increased profit repatriation by foreign investors.
Worker remittances helped cushion the impact, contributing to a $5.50 billion surplus in secondary income.
In the financial account, Nigeria moved to a net lending position of $0.32 billion in Q3 2025, compared with a net borrowing position of $6.90 billion in Q2 2025.
Direct investment inflows rose sharply to $0.72 billion, indicating improving investor confidence, while portfolio inflows eased to $2.51 billion.
Overall, the economy added more to its financial assets, including reserves, than it received from foreign investments.
Analysts say the Q3 performance reflects the impact of ongoing reforms under President Bola Tinubu’s administration, including naira liberalisation and fuel subsidy removal.
With external reserves now covering over 10 months of imports, the outlook for the naira remains positive going into 2026, although experts stress that reducing dependence on oil is essential to long-term revenue growth.
