Refined Fuel Exports Surge 66 Percent As Current Account Surplus Hits $7.54bn

• Refined petroleum export earnings rose 66.24 percent q/q to $3.94bn in Q2 2026.

• Crude, gas and refined-product exports generated $16.96bn, up 35.1 percent y/y.

• Current account surplus rose 67.9 percent q/q to $7.54bn as crude imports fell 58.3 percent.

September 22, () – Nigeria’s current account surplus rose to $7.54 billion in the second quarter of 2026 from $4.49 billion in Q1, as stronger petroleum exports, lower crude oil imports and higher non-oil exports improved the country’s external position.

Provisional balance-of-payments data from the Central Bank of Nigeria showed the Q2 surplus was also above the $5.17 billion recorded in the same period of 2025.

The goods account provided the biggest boost, with its surplus rising to $10.12 billion from $5.96 billion in Q1. The increase reflected higher export receipts from crude oil, gas and refined petroleum products, alongside stronger non-oil exports and lower crude imports.

Refined Products Gain Ground

Refined petroleum products recorded one of the sharpest increases. Export earnings rose to $3.94 billion in Q2 from $2.37 billion in Q1, representing a 66.24 percent quarterly increase and about 148 percent growth from $1.59 billion a year earlier.

Crude oil remained the largest source of petroleum export earnings at $9.39 billion, up 15.78 percent from Q1, while gas exports rose 40.15 percent to $3.63 billion.

Combined earnings from crude oil, gas and refined petroleum products reached $16.96 billion, compared with $13.07 billion in Q1 and $12.55 billion in Q2 2025.

The increase in refined-product exports coincided with rising domestic refining activity. The US Energy Information Administration said Nigeria’s seaborne petroleum-product shipments averaged 561,000 barrels per day in Q2 2026, compared with 79,000 barrels per day in 2023. Exports averaged 350,000 barrels per day, up from 46,000 barrels per day in 2023.

The EIA said Dangote Refinery’s capacity rose to 700,000 barrels per day after maintenance and expansion work completed in February.

Crude Imports Fall

Nigeria also spent significantly less on crude imports. CBN data showed crude oil imports fell to $580 million in Q2 from $1.39 billion in Q1, a 58.27 percent decline.

Non-oil exports provided additional support, rising 25.3 percent to $3.12 billion. Total goods exports increased to $20.08 billion from $15.56 billion in Q1.

Beyond trade, personal transfers, including remittances, rose 9.81 percent to $5.82 billion. Portfolio investment liabilities increased to $7.09 billion from $6.03 billion, while foreign direct investment rose to $1.15 billion from $1.03 billion.

Nigeria’s external reserves also increased to $51.39 billion at the end of June from $48.35 billion at the end of March.

The figures point to a gradual shift in Nigeria’s petroleum trade structure. While crude oil remains the dominant export earner, refined petroleum products are becoming a larger source of foreign exchange as domestic refining expands.

The development is significant for an economy that historically exported crude while relying heavily on imported refined fuel. The latest data show a growing role for domestic processing in Nigeria’s external earnings, even though the country remains highly dependent on petroleum exports.