The Central Bank of Nigeria (CBN) has reported that Nigeria achieved a balance of payments (BOP) surplus of $4.60 billion in the third quarter (Q3) of 2025.
The BOP records all financial transactions between a country and the rest of the world over a specific period, typically a year or a quarter.
“Nigeria’s balance of payments for Q3 2025 resulted in a higher surplus of US$ 4.60 billion,” the CBN report stated.
The apex bank noted that external reserves rose sharply to $42.77 billion at the end of September 2025, up from $37.81 billion at the end of June 2025.
“Net errors and emissions (NEO) for Q3 2025 compressed to negative US$3.09 billion as against negative US$12.71 billion in Q2 2025,” the CBN added.
“Provisional balance of payments (BOP) statistics for Q3 2025 show a current account surplus of US$3.42 billion, which was lower than the US$5.81 billion and US$5.78 billion recorded in the preceding quarter (Q2 2025 ) and corresponding period of 2024, respectively.”
The CBN highlighted that key drivers of the sustained current account surplus include an increase in crude oil exports “from US$7.66bn to US$8.45 billion (10.31%)” and a rise in refined petroleum product exports “from US$1.59bn to US$2.29bn (44.03%)”.
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The bank also pointed to a “decrease in refined petroleum product imports from US$1.89bn to US$1.65bn (12.70%) and sustained surplus in the secondary income account of US$5.50bn”.
Furthermore, the CBN reported that the goods account, a major sub-account in the current account, recorded a lower surplus of $4.94 billion in Q3 2025, compared with $5.28 billion in Q2 2025.
However, the Q3 2025 figure remains higher than the $3.93 billion recorded in the corresponding period of 2024.
The bank explained that the sustained balance in the goods account was driven by exports, which rose to $15.24 billion in Q3 2025 from $14.90 billion in Q2 2025, attributing the increase to higher exports of crude oil and refined petroleum products.
“The country is gradually switching from a net importer of refined petroleum products to a net exporter,” CBN said.
“Import of petroleum products decreased by 12.7 per cent to US$1.65 billion.”
Furthermore, the bank noted that net outpayments in the services account rose to $4.07 billion in Q3 2025 from $3.74 billion in Q2 2025.
“The increase in net outpayments for services was due to increases in net import of transport, travel, insurance, computer & information, other business, and Government services not included elsewhere,” CBN said.
“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.
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“This was largely attributable to repatriation of reinvested earnings by domestic banks on their foreign investments abroad especially on direct investments.
“The secondary income account balance decreased slightly to US$5.50 billion in Q3 2025, from US$5.51 billion in the preceding quarter.”
