Dangote Refinery Exports and Diaspora Remittances Drive Nigeria to Four Billion Dollar Balance of Payments Surplus

Nigeria records a $4.23 billion balance of payments surplus as Dangote Refinery exports hit $5.85 billion and diaspora remittances reach $21.76 billion.

By: AXL Media

Published: Mar 18, 2026, 5:28 PM EDT

Source: The information in this article was sourced from Leadership

Refining Capacity Reshapes National Trade Architecture

The Nigerian external sector has recorded a substantial $4.23 billion surplus in its overall balance of payments, marking a pivotal shift in the country's economic trajectory. According to the 2025 Annual Balance of Payment Highlights released by the Central Bank of Nigeria, this performance was anchored by a current account surplus of $14.04 billion. While this figure represents a decrease from the $19.03 billion recorded in 2024, it remains vastly superior to the 2023 levels. The apex bank identified the emergence of the Dangote Refinery as the primary catalyst for this resilience, as the facility has begun to fundamentally alter the structural composition of Nigeria's petroleum trade.

Export Growth Offsets Declining Crude Oil Revenues

Despite a 14.41% contraction in traditional crude oil exports, which fell to $31.54 billion, the goods account maintained a robust surplus of $14.51 billion. This 10.17% year on year increase was primarily fueled by the refinery’s contribution of $5.85 billion in refined petroleum exports. The availability of locally refined products also facilitated a 28.88% reduction in fuel imports, with the national expenditure on foreign fuel dropping from $14.06 billion to $10.00 billion. According to the CBN, the transition from being a pure importer to a regional exporter of refined products has provided a necessary cushion against volatility in the global crude market.

Remittances Sustain Secondary Income Amid Service Deficits

Inward recorded remittances from Nigerians in the diaspora continued to serve as a vital pillar of the external sector, totaling $21.76 billion over the review period. These inflows were instrumental in maintaining a secondary income account surplus of $23.20 billion, even as other segments of the current account faced mounting pressure. The services account deficit widened to $14.58 billion, driven by increased international payments for transportation, travel, and insurance. Financial analysts suggest that the consistency of diaspora capital remains one of the few stable counterweights to the persistent outflow of foreign exchange in the service sector.