By Ola Wale
Nigeria’s balance of payments (BOP) surplus hit $4.6 billion in Q3 2025, reversing a $0.27 billion deficit in Q2 2025. This improvement is attributed to increased external reserves and better financial flow management, despite weaker trade and income earnings.
The goods account surplus stood at $4.94 billion, supported by crude oil and refined petroleum exports. Nigeria’s oil production averaged 1.35 million barrels per day, contributing to the export boost. However, non-oil exports remained subdued.
Remittances remained strong at $5.24 billion, cushioning the economy. This inflow helped offset a wider services deficit, driven by increased spending on transportation, travel, and professional services.
The current account surplus weakened to $3.42 billion due to higher payments to foreign investors and increased spending on services. Despite this, the overall BOP surplus reflects improved external sector resilience.
The Central Bank of Nigeria (CBN) has implemented policies to boost foreign exchange inflows and stabilize the naira. These efforts, combined with higher oil prices, have supported the recent BOP performance.
