TUE JULY 01 2025-theGBJournal| Provisional balance of payments (BOP) statistics for Q1 2025 show a current account surplus of US$3.73 billion, which was lower than the US$3.80 billion recorded in the previous quarter, but slightly higher than the US$3.69 billion recorded in the corresponding period of 2024, according to the Central Bank of Nigeria’s (CBN) Balance of Payments report for Q1-2025.
Th report published on Monday shows that the major contributors to the sustained current account surplus were non-oil exports which rose by 30.39% to $2.66 billion, increase in goods account balance from US$2.62bn to US$4.16 billion, increase in gas exports from US$2.10 billion to US$2.66 billion, sustained surplus in the secondary income account of US$5.29 billion as well as decrease in non-oil imports from US$7.37 billion to US$6.77 billion.
Contributions from the goods account, a major component of the current account, recorded a surplus of $4.16 billion in Q1 2025, up from $2.62 billion in the previous quarter.
This was driven by a 9.79 per cent rise in total exports to $13.91 billion, spurred by increased oil and gas shipments and the depreciation of the naira, which boosted the competitiveness of Nigerian non-oil goods in global markets.
Meanwhile, The financial account recorded a balance of US$7.58 billion in Q1 2025, as against US$7.82 billion in Q4 2024, as a result of huge reduction in portfolio and other investments liabilities.
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