CBN: Nigeria Records $4.6bn Balance of Payments Surplus in Q3 2025
Nigeria’s external sector posted a strong turnaround in the third quarter of 2025, recording a Balance of Payments (BOP) surplus of USD 4.60 billion, according to the latest data released by the Central Bank of Nigeria (CBN). The figure marks a significant improvement from the deficit position seen in the preceding quarter, highlighting gains in trade performance, remittance inflows and foreign investment flows.
Surplus Driven by Trade, Remittances & Financial Flows
With the CBN’s report showing that the overall BOP surplus was underpinned by a resilient current account surplus of USD 3.42 billion, supported by stronger export earnings and sustained diaspora remittances. Crude oil export receipts rose to USD 8.45 billion, while exports of refined petroleum products increased by 44 per cent during the quarter a sign of growing domestic refining capacity and export diversification.
In addition, diaspora remittances remained robust, contributing meaningfully to foreign exchange inflows — a trend that has supported external sector stability throughout 2025.
External Reserves Accrete, FDI Rebounds
Alongside the surplus, Nigeria’s external reserves rose sharply to USD 42.77 billion at the end of September 2025, up from USD 37.81 billion at end-June 2025. This build-up in reserves provides stronger import cover and signals enhanced macro-economic buffers.
The financial account also showed signs of renewed investor confidence, with Foreign Direct Investment (FDI) inflows climbing to USD 720 million in Q3 2025 — a seven-fold increase from Q2 2025 levels. Year-on-year FDI also grew compared to the same period in 2024, highlighting improving long-term capital engagement in the Nigerian economy.
Structural Shifts and Policy Gains
- Enhanced export performance from both oil and petroleum products.
- Higher diaspora remittances and diversified financial inflows.
- Strengthened investor sentiment, as evidenced by rising FDI.
This performance aligns with the broader macroeconomic reforms pursued by the CBN and the Federal Government to deepen foreign exchange market efficiency, expand non-oil export capacity, and attract sustainable investment flows.
From Deficit to Sustainable Surplus
The turnaround from a BOP deficit in Q2 2025 to a sizeable surplus in Q3 demonstrates Nigeria’s strengthening external position, even as global economic uncertainties persist. Market analysts suggest that continued diversification of export receipts particularly non-oil exports and consistent remittance inflows will be critical to maintaining this momentum into 2026 and beyond.
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