Nigeria posted a $3.73B balance of payments surplus in Q1 2025, driven by naira depreciation and Dangote Refinery output.
Nigeria recorded a $3.73 billion balance of payments (BOP) surplus in Q1 2025, slightly below Q4 2024’s $3.80 billion, yet higher than Q1 2024’s $3.69 billion. Experts attribute the surplus to a weakened naira and increased domestic fuel production, especially from the Dangote Refinery.
The Central Bank of Nigeria (CBN) reported a goods account surplus of $4.16 billion, driven by a 30% rise in non-oil exports and falling non-oil imports. Total exports rose 9.79% to $13.91 billion, while imports dropped to $9.75 billion. The secondary income account also recorded a surplus of $5.29 billion.
Financial account balance fell slightly to $7.58 billion due to divestments, CBN bill reversals, and external debt servicing. External reserves dropped to $37.82 billion from $40.19 billion in December 2024.
Experts stress the importance of sustaining reforms and supporting domestic production to maintain the surplus trend. Despite strong trade performance, net errors and omissions remained high at $3.85 billion, indicating persistent untracked flows.
Posted inDiutolytics Research Economy
Nigeria Records $3.73 Billion Balance of Payments Surplus in Q1 2025
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