…as account falls to $14.04bn
…Dangote imports $3.74bn crude
Nigeria’s external financial position weakened significantly through 2025, as a sharp contraction in crude oil exports drove a 26 percent decline in the nation’s current account surplus.
According to the 2025 Balance of Payments (BoP) report released by the Central Bank of Nigeria (CBN) on Wednesday, March 18, 2026, the surplus fell to $14.04 billion, down from the $19.03 billion recorded in 2024, signaling heightened pressure on the country’s foreign exchange earnings.
The primary catalyst for this erosion was a 14.41 percent year-on-year drop in crude oil exports, which tumbled to $31.54 billion from $36.85 billion in the previous year.
This revenue shortfall was exacerbated by a shift in the domestic energy landscape, as the Dangote Refinery required $3.74 billion in crude oil imports to sustain its operations.
The combination of dwindling export receipts and a 13.6 percent spike in non-oil imports reaching $29.24 billion has created a narrower margin for the nation’s trade in goods.
Further straining the current account was a 9.13 percent rise in net out-payments for services, which climbed to $14.58 billion, and a staggering 60.9 percent surge in the primary income account deficit to $9.09 billion.
The CBN attributed this surge largely to increased dividend and interest payments to non-resident investors. While workers’ remittances and a resilient goods account provided some support, the overall data reflects an economy struggling to maintain its external surplus in the face of falling commodity revenues and rising international service obligations.