Nigeria’s BoP Rallies to $4.60bn in Q3 2025, Signals Deeper External Sector Strengthening

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The latest data released by the Central Bank of Nigeria (CBN) points to a notable strengthening in the country’s external accounts, taking into account the country’s external sector performance in 2025.

Nigeria’s balance of payments position has shifted decisively into surplus territory, reflecting a combination of improved trade dynamics, resilient foreign inflows and the cumulative impact of recent macroeconomic reforms.

In the third quarter of 2025, Nigeria recorded an overall balance of payments surplus of $4.60 billion, reversing the deficit position observed in the preceding quarter.

This turnaround was underpinned by a sustained cur- rent account surplus of $3.42 billion, supported by stronger export earnings, stable remittance inflows, improved financial account performance and continued accumulation of external reserves.

The scale and breadth of these supports suggest that the improvement is not driven by a single factor, but rather by a broad-based strengthening across key components of the external sector.

A balance of payments surplus, in practical terms, indicates that foreign currency inflows from exports, remittances and investments exceeded outflows related to imports and external payments over the period. In Nigeria’s case, the return to surplus points to improving competitiveness and a more balanced interaction with the global economy.

The report showed that the goods account remained firmly in surplus at $4.94 billion, reflecting stronger export performance during the quarter. Crude oil exports rose to $8.45 billion, reaffirming the continued importance of hydrocarbons to Nigeria’s external earnings. More instructive, however, was the performance of refined petroleum exports, which increased by 44% to $2.29 billion.

This development highlights tangible progress in domestic refining capacity and reinforces Nigeria’s gradual transition from a net importer to 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%, jointly contributing to a healthier trade balance and easing pressure on foreign exchange demand. Beyond trade, secondary income flows remained a critical stabilising factor.