By Bassey Udo
Exports of refined petroleum products from Nigeria increased by 44 percent in the third quarter of 2025, Central Bank of Nigeria (CBN) data shows.
Total value of exports of refined petroleum products for the quarter stood at about $2.29 billion, indicating further
significant progress in domestic refining capacity and the country’s gradual transition from a net importer to a net exporter of refined petroleum products.
Data from the apex bank said the country’s overall balance of payments surplus in the third quarter of 2025
stood at about $4.60 billion.
This, the CBN, noted, marks a turnaround from the deficit position in the preceding quarter.
The improvement, the CBN said, was supported by a sustained current account surplus of $3.42 billion, supported by stronger trade performance, resilient remittance inflows, increased financial flows, and continued accretion to external reserves.
The CBN reported that the goods account remained in surplus at $4.94 billion, reflecting higher export earnings during the period.
Out of an aggregate value of goods exports from Nigeria for the period (about $15.24 billion), the CBN said crude oil exports revenue rose to $8.45 billion, while imports of refined petroleum products declined by 12.7 percent, resulting in an improved trade balance.
The apex bank said workers’ remittances also remained strong, with the secondary
income account recording a surplus of $5.50 billion, including $5.24 billion in remittance inflows from Nigerians in the diaspora.
Developments in the financial account further supported the overall balance of payments outcome, with Nigeria posting a net lending position of $0.32 billion.
Foreign direct investment inflows rose
to $0.72 billion, while portfolio investment inflows remained robust at $2.51 billion, reflecting improved investor sentiment and continued non-resident participation in domestic financial instruments.
Meanwhile, the country’s external reserves increased to $42.77 billion at end-September 2025, up from $37.81 billion at end-June.
The apex bank said the increment not only underscores strengthening external sector fundamentals, firmer investor confidence, but also the continued impact of reforms in the foreign exchange market, monetary policy implementation, and the domestic energy sector.
Besides, the report said the country’s domestic economic activity strengthened in December as the the Composite Purchasing Managers’ Index (PMI)
hit 57.6 points, maintaining its position above the 50-point expansion threshold.
The December 2025 PMI Survey represents the strongest activity momentum recorded in about five years.
The sustained improvement, the report said, reflects continued expansion across major employment-generating sectors.
Sectoral PMI readings showed that agriculture remained robust at 58.5 points; industry 57.0 points, while the services sector remained in the positive territory with 51.9 points, indicating broad-based growth in output and business activities during the month.
The Survey further indicated that 32 of the 36 subsectors monitored posted expansions in key indicators, such as production levels, new business orders, and employment.
The CBN noted that this outcome highlights a steady rebound in domestic demand and strengthening productive activities, particularly within the non-oil economy.
The Bank attributed the improved PMI performance to the positive effects of ongoing macroeconomic stabilisation measures, including efforts to enhance the operating environment and support business confidence.
These reforms, the CBN added, continued to bolster job creation, production efficiency, and overall optimism about economic prospects in the fourth quarter of 2025.
The December PMI reading reinforces expectations of a stable growth outlook as Nigeria transitions into the new year.
