The Central Bank of Nigeria (CBN) has reported a current account surplus of $3.73 billion for the first quarter of 2025, citing growth in non-oil and gas exports as key drivers. The figure reflects a 1.08 percent increase from the $3.69 billion recorded in the corresponding period of 2024.

The provisional balance of payments statistics, published Thursday, show the current account surplus was lower than the $3.80 billion recorded in the previous quarter but marginally higher than the year-on-year value. Overall, the country posted a balance of payments deficit of $2.77 billion for Q1 2025.

The CBN attributed the current account performance to improved export earnings and a decline in imports.

“Increase in non-oil exports by 30.39 percent to $2.66bn. Increase in gas exports from $2.10 billion to $2.66bn,” the bank said in its statement.

The report also noted a reduction in non-oil imports from $7.37 billion to $6.77 billion, contributing to the positive goods account.

Crude oil exports for the quarter amounted to $8.59 billion, while non-oil and electricity exports stood at $2.66 billion. Imports of crude and petroleum products were valued at $2.98 billion.

The CBN indicated that total exports rose by 9.79 percent to $13.91 billion, supported by higher oil and gas shipments and the depreciation of the naira, which it said improved the competitiveness of Nigerian goods.

Imports declined to $9.75 billion, down from $10.05 billion in the previous quarter, with reductions in both petroleum and non-oil imports.

In the services component of the current account, net out-payments increased to $3.69 billion, compared to $3.48 billion in Q4 2024. The primary income account recorded a debit of $2.02 billion, a 13.48 percent rise, while the secondary income account showed a 17.86 percent drop to $5.29 billion.

The apex bank linked the decline in secondary income flows to reduced foreign aid and grants, suggesting it may be related to a recent executive order by the United States President.