Nigeria records $3.73bn current account excess in First Quarter ’25
Nigeria records $3.73bn current account excess in First Quarter ’25
The Central Bank of Nigeria, CBN, said that the country recorded a current account surplus of $3.73 billion in the first quarter of 2025 (Q1’25) representing a marginal increase from $3.69 billion recorded in the same period of last year, Q1’24.
Disclosing this in its Balance of Payments, BOP, report for Q1’25, the CBN said: “In Provisional BOP statistics for Q1’25 show a current account surplus of $3.73 billion, which was lower than the $3.8 billion recorded in the previous quarter, but slightly higher than the $3.69 billion recorded in the corresponding period of 2024.”
According to the apex bank, the major contributors to the current account surplus were increase in Goods account balance, Non-oil exports, decrease in Non-oil imports and sustained surplus in the secondary income account.
“Major contributors to the sustained current account surplus are an increase in the goods account balance from $2.62 billion to $4.16 billion.
“Decrease in imports to $9.75 billion in Q1’25, from $10.05 billion in Q4’24, occasioned by a reduction in petroleum products and non-oil imports.
“Increase in non-oil exports by 30.39 per cent to $2.66 billion.
“Increase in gas exports from $2.10 billion to $2.66 billion, decrease in non-oil imports from $7.37 billion to $6.77 billion and sustained surplus in the secondary income account of $5.29 billion.”
The CBN noted that the higher (positive) balance recorded in the Goods account was driven by an increase in exports by 9.79 per cent to $13.91 billion in Q1’25, as a result of increase in oil & gas exports earnings as well as non-oil exports.
“This development was triggered by higher quantity of oil & gas exported and depreciation of the naira, which made our non-oil exports cheaper/more competitive”, CBN added.
Explaining the performance of other current account components in Q1’25, the regulator said that Net out-payments in the services account increased to $3.69 billion in Q1’25, from $3.48 billion in Q4′ 24 due to higher net imports of travel and other business services in the review period.
“In addition, net receipts in financial services decreased significantly. The debit balance in the primary income account increased by 13.48 per cent to $2.02 billion in Q1′ 25. This was attributed to significant higher interest payments accrued to non-residents investors.
“The balance in the secondary income account balance decreased by 17.86 per cent to $5.29 billion in Q1′ 25, largely due to reduction in inflow of foreign aid and grants, which could be attributable to the executive order signed by the United States, US, President.
“Personal transfers (workers’ remittance) from Nigerians in Diaspora decreased in Q1′ 25 to $4.93 billion, from $5.08 billion in Q4’24.”
