CBN: Nigeria balance of payment surplus drops to $4.23 billion in 2025

Nigeria’s Balance of Payments (BoP) surplus fell to $4.23 billion in 2025, according to the Central Bank of Nigeria (CBN).

The figure is lower than the $6.83 billion recorded in 2024.

The latest figures show mixed performance across the current account, financial account, and income balances, reflecting both improvements in export composition and rising external obligations during the year.

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What the report is saying

The CBN’s BoP statistics for 2025 highlight the following:

• “Provisional BOP statistics for 2025 shows a current account surplus of US$14.04 billion, which was lower than the US$19.03 billion in the previous year but significantly higher than the US$6.42 billion recorded in 2023,” the apex bank noted.
• “Debit balance in the services account increased to US$14.58 billion in 2025, from US$13.36 billion recorded in 2024. The increase in net outpayments for services was as a result of higher net import of transport, travels, insurance and government services not included elsewhere,” the report added.

The goods account posted a surplus of $14.51 billion, up from $13.17 billion in 2024.

• Refined petroleum exports from the Dangote Refinery were valued at $5.85 billion.
• Crude oil exports declined by 14.41 percent to $31.54 billion, down from $36.85 billion in 2024.
• Non-oil imports rose by 13.60 percent to $29.24 billion.
• The services account deficit widened to $14.58 billion.
• The primary income deficit increased by 60.88 percent to $9.09 billion.
• Portfolio investment inflows fell by 48.3 percent to $8.04 billion.
• Direct investment inflows rose by 14.1 percent to $4.01 billion.
• External reserves increased to $45.75 billion as of December 2025, up 13.83 percent year-on-year.

These figures indicate a stronger trade balance driven by refined exports, even as income outflows and capital flow volatility weighed on the overall position.

Backstory and context

Nigeria’s Balance of Payments position has fluctuated in recent years, reflecting global oil price movements, exchange rate reforms, and structural adjustments in the domestic economy.

• The improvement in gas exports and refined petroleum shipments aligns with ongoing efforts to diversify export earnings beyond crude oil. The expansion of the Dangote Refinery has also contributed to changes in import and export patterns, particularly through increased domestic refining capacity.
• At the same time, rising income outflows and weaker portfolio investment flows reflect continued sensitivity to global investor sentiment and external financial conditions.

The widening Net Errors and Omissions position to negative $15.73 billion in 2025, compared to negative $9.38 billion in 2024, highlights persistent statistical discrepancies in external transaction reporting.

**What you should know **

Nairametrics reported that Nigeria recorded a balance of payment (BOP) surplus of $6.83 billion in 2024, marking a sharp reversal from consecutive deficits posted in the prior two years.

Nigeria posted a current account surplus of $3.42 billion in the third quarter of 2025, down 41.14% from the $5.81 billion recorded in Q2 2025.

The surplus was also lower than the $5.78 billion posted in Q3 2024, reflecting rising external obligations despite stronger oil-sector earnings.

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