Nigeria’s current account surplus drops 26% to $14.04bn in 2025

By Elizabeth Adegbesan

Nigeria’s current account surplus fell by 26 percent year-on-year (YoY) to $14.04 billion in 2025, down from $19.03 billion in 2024, the Central Bank of Nigeria (CBN) has disclosed in its 2025 Balance of Payments (BoP) report.

The decline was largely driven by a fall in crude oil exports, increased crude oil imports by Dangote Refinery, higher non-oil imports, and a rise in net out-payments for services.

According to the CBN, crude oil exports dropped 14.41 percent to $31.54 billion from $36.85 billion in 2024, while Dangote Refinery imported $3.74 billion worth of crude oil. Non-oil imports increased by 13.6 percent to $29.24 billion, and net out-payments for services rose 9.13 percent to $14.58 billion.

Despite the overall decline, the goods account, the main component of the current account, remained in surplus, posting $14.51 billion in 2025, up from $13.17 billion in 2024.

The financial account, however, recorded a net borrowing of $1.69 billion in 2025, a reversal from a net lending of $9.65 billion in 2024.

CBN noted that the increase in the services account deficit reflected higher net payments for transport, travel, insurance, and government services. Meanwhile, the primary income account deficit surged 60.9 percent to $9.09 billion, largely due to higher dividend and interest payments to non-resident investors.

The secondary income account fell slightly to $23.20 billion from $24.88 billion in 2024, as both Official Development Assistance (ODA) and personal transfers decreased. However, workers’ remittances remained a key source of inflow, supporting the country’s foreign exchange reserves.

The report highlights ongoing pressures on Nigeria’s external accounts despite continued resilience in the goods sector, underscoring the impact of rising imports and service outflows on the nation’s current account balance.

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