Nigeria’s external position has strengthened sharply under President Bola Tinubu, with the current account surplus rising 67.9% to $7.54 billion in the second quarter of 2026. According to provisional balance of payments data from the Central Bank of Nigeria, the surplus increased from $4.49 billion in the preceding quarter. It also came in 45.8% higher than the $5.17 billion recorded in the same period of 2025. The surplus jumped by almost two-thirds quarter-on-quarter, exceeding many market expectations.
The expansion was supported by stronger export receipts and increased diaspora remittances. The goods account posted a wider surplus, helping to offset some of the pressures elsewhere in the external accounts. Diaspora inflows remained a key pillar of support, while export earnings benefited from favourable trade receipts. However, the services and primary income accounts recorded larger net outflows, showing that substantial funds continued to leave the economy through those channels.
For the Tinubu administration, the figures offer a positive signal on foreign exchange liquidity and external resilience. A larger current account surplus can ease pressure on the naira, boost investor confidence and provide more breathing room for policymakers. Still, analysts may warn that Nigeria remains exposed to volatility in oil earnings and remittance flows.
The mixed details also underline the need for diversification. While trade and remittances are driving the surplus, persistent deficits in services and income highlight structural gaps that could limit long-term stability. The coming quarters will reveal whether the improvement is sustainable or simply a short-lived uptick.