A sharp rise in Nigeria’s current account surplus during the second quarter of 2026 demonstrates growing macroeconomic stability, a pro-government advocacy group has said. According to provisional Balance of Payments (BOP) figures released by the Central Bank of Nigeria (CBN), the nation’s current account surplus expanded by nearly 68% to $7.54bn (£5.6bn) in Q2 2026, up from $4.49bn in the first quarter.
In a joint statement issued by Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, the Tinubu Media Support Group (TMSG) attributed the growth to a significant increase in foreign exchange earnings from both oil and non-oil exports.”Moving from $4.49bn in Q1 2026 to $7.54bn in Q2 is a big deal on the back of stronger export earnings and increased remittances,” the group stated, noting that a current account surplus indicates a country is earning more from international trade and investments than it spends on imports.
The CBN data showed that the goods account surplus widened to $10.12bn in the second quarter, up from $5.96bn in Q1 and $4.85bn recorded in the same period in 2025. Total export receipts rose to $20.08bn between April and June, supported by broad-based gains across key commodity sectors:Crude oil exports grew by 15.8% quarter-on-quarter to $9.39bn.Gas exports surged by 40.2% to $3.63bn.Refined petroleum products rose by 66.2% to $3.94bn.Non-oil exports increased by 25.3% to reach $3.12bn.
The group argued that the expanding trade surplus, alongside foreign exchange reserves reaching historic highs, provides concrete evidence that President Bola Tinubu’s market-oriented reforms are strengthening the country’s balance of payments. While acknowledging that high living costs remain a political pressure point ahead of the 2027 general elections, TMSG urged the public to focus on verifiable economic data rather than opposition rhetoric, maintaining that the economy has firmly turned the corner.
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