Nigeria records $4.60bn Balance of Payments Surplus in Q3 2025, Reserves hit to $42.77bn

Nigeria recorded an overall Balance of Payments (BOP) surplus of $4.60 billion in the third quarter of 2025, marking a significant reversal from the deficit recorded in the previous quarter, according to figures released by the Central Bank of Nigeria (CBN).

The positive outcome was driven by a sustained current account surplus of $3.42 billion, underpinned by stronger trade performance, steady diaspora remittance inflows, improved financial account activity, and continued accumulation of external reserves. The CBN attributed the improvement to higher export earnings, resilient capital inflows, and the ongoing impact of macroeconomic and structural reforms.

Data from the apex bank showed that the goods account remained firmly in surplus at $4.94 billion, reflecting increased export receipts during the period. Crude oil exports rose to $8.45 billion, while exports of refined petroleum products surged by 44 per cent to $2.29 billion, highlighting growing domestic refining capacity and Nigeria’s gradual shift towards becoming a net exporter of refined petroleum products.

Total goods exports stood at $15.24 billion, while imports of refined petroleum products declined by 12.7 per cent, resulting in a stronger trade balance. The secondary income account also posted a surplus of $5.50 billion, largely supported by $5.24 billion in remittances from Nigerians in the diaspora, underscoring the continued importance of remittance inflows to external sector stability.

Developments in the financial account further reinforced the positive BOP position, with Nigeria recording a net lending position of $0.32 billion. Foreign direct investment inflows increased to $0.72 billion, while portfolio investment inflows remained strong at $2.51 billion, reflecting improved investor confidence and sustained participation by non-resident investors in domestic financial instruments.

Nigeria’s external reserves rose to $42.77 billion at the end of September 2025, up from $37.81 billion at the close of June, strengthening the country’s external buffers and enhancing its capacity to manage external shocks.

The CBN noted that the Q3 2025 BOP performance points to strengthening external sector fundamentals, firmer investor sentiment, and the continued impact of reforms in the foreign exchange market, monetary policy framework, and the domestic energy sector.