Nigeria’s Current Account Surplus Rises to $7.54bn in Q2, Signaling Economic Stability — TMSG

Nigeria’s Current Account Surplus Rises to $7.54bn in Q2 — TMSG

The Tinubu Media Support Group (TMSG) has described the increase in Nigeria’s current account surplus from $4.49 billion in the first quarter of 2026 to $7.54 billion in the second quarter as an indication of improved external sector performance.

In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group said the 67.9 per cent increase reflected stronger foreign exchange earnings during the period.

TMSG noted that Nigeria’s external position had continued to record improvements, pointing to developments in foreign reserves and export earnings.

“Moving from $4.49 billion in Q1 2026 to $7.54 billion in Q2 represents a significant improvement, supported by stronger export earnings and increased remittances,” the group said.

It explained that a current account surplus generally indicates that a country’s earnings from exports of goods and services, income and transfers exceed its external payments in those areas.

According to provisional Balance of Payments (BOP) data released by the Central Bank of Nigeria (CBN), the improvement in the second quarter was driven principally by the goods account, which more than offset increased net outflows from services and primary income.

The goods account surplus expanded to $10.12 billion in Q2, compared with $5.96 billion in Q1 and $4.85 billion in the corresponding quarter of 2025.

The group said the increase was supported by higher export receipts. Total exports rose to $20.08 billion during the quarter from $15.56 billion in Q1.

Crude oil export receipts increased by 15.78 per cent to $9.39 billion in Q2 from $8.11 billion in Q1, while gas exports rose by 40.15 per cent to $3.63 billion. Receipts from refined petroleum products also increased by 66.24 per cent to $3.94 billion.

Non-oil exports rose by 25.30 per cent to $3.12 billion, according to the figures cited by the group.

TMSG said the data indicated a positive movement in Nigeria’s external accounts and could contribute to improved foreign exchange conditions if sustained.

The group attributed the development partly to economic policies introduced by the President Bola Tinubu administration, while acknowledging that economic conditions and their effects remain subjects of public and political debate.

It urged Nigerians to assess economic developments using verifiable data and to consider a range of indicators when evaluating the performance of the economy ahead of the 2027 general elections.