Nigeria’s natural gas sector delivered a stronger performance in the first quarter of 2026, helping to boost export earnings and reinforce the country’s efforts to diversify its sources of foreign exchange.
According to the Central Bank of Nigeria’s (CBN) Balance of Payments Highlights for Q1 2026, gas export earnings rose to $2.53 billion from $2.24 billion in the fourth quarter of 2025, representing a 12.95% quarter-on-quarter increase.
The growth coincided with a significant improvement in Nigeria’s external trade position. The goods account, a major component of the current account, recorded a surplus of $5.95 billion in Q1 2026, up from $1.77 billion in the preceding quarter and higher than the $3.35 billion recorded in the corresponding period of 2025.
The CBN attributed the stronger performance to improved export earnings, noting that “Gas exports increased slightly to US$2.53 billion in Q1 2026, from US$2.24 billion recorded in Q4 2025.”
The latest figures highlight the increasing importance of natural gas to Nigeria’s export diversification strategy. With one of Africa’s largest natural gas reserves, the country has continued to expand production capacity and invest in infrastructure aimed at strengthening its position in global gas markets.
The gains in the gas sector were reflected in broader economic indicators. Nigeria’s current account surplus rose by 255.71% to $4.98 billion in Q1 2026, compared with $1.40 billion in the previous quarter, with the goods account remaining the primary driver.
The country also recorded a sharp decline in fuel import costs. Nigeria’s petrol import bill fell to N87.40 billion in Q1 2026 from N2.27 trillion in Q1 2025, translating to savings of N2.18 trillion year-on-year and N3.45 trillion compared with the preceding quarter.
Together, these figures underscore the growing role of natural gas in strengthening Nigeria’s trade balance, supporting foreign exchange earnings, and advancing the country’s long-term economic diversification goals.
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