Nigeria’s gas exports increased to $2.53 billion in the first quarter of 2026, reflecting stronger earnings from the country’s natural gas sector and contributing to an improved external trade position.

This is according to the Central Bank of Nigeria’s (CBN) Balance of Payments Highlights for Q1 2026, which showed that gas export receipts rose from $2.24 billion recorded in the fourth quarter of 2025.

The increase comes as Nigeria continues to expand its gas production and export capacity under its broader strategy to diversify foreign exchange earnings beyond crude oil.

What the report is saying

The CBN reported that gas export earnings maintained an upward trajectory during the first quarter of the year.

Other News

  • This represents a 12.95% quarter-on-quarter increase.
  • The improvement contributed to stronger merchandise trade and external sector performance.
  • According to the CBN, “Gas exports increased slightly to US$2.53 billion in Q1 2026, from US$2.24 billion recorded in Q4 2025.”

The apex bank also noted that the goods account, a major component of the current account, recorded a substantially higher surplus during the quarter.

More insights

The increase in gas export earnings coincided with a sharp improvement in Nigeria’s goods account balance.

  • The goods account posted a surplus of $5.95 billion in Q1 2026.
  • This compares with a surplus of $1.77 billion in the preceding quarter.
  • It was also significantly higher than the $3.35 billion recorded in the corresponding period of 2025.

According to the CBN, the stronger performance reflects improved export earnings, with gas exports providing additional support to the country’s external balances.

The figures underscore the growing importance of natural gas as a source of foreign exchange earnings alongside crude oil exports.

Nigeria possesses one of Africa’s largest natural gas reserves and has increasingly positioned gas as a strategic pillar of its energy transition and export diversification agenda.

The continued growth in gas exports aligns with ongoing investments in gas infrastructure and policies aimed at increasing domestic production and export capacity.

What you should know

Nigeria’s stronger gas export performance contributed to an improvement in the country’s overall external sector during the first quarter of 2026.

Nairametrics earlier reported that Nigeria’s current account surplus rose by 255.71% to $4.98 billion in Q1 2026 from $1.40 billion in Q4 2025.

  • The goods account remained the primary driver of the current account surplus.
  • The Federal Government continues to promote natural gas development through its Decade of Gas initiative and expanded export infrastructure.
  • Nairametrics also reported that Nigeria’s petrol import bill fell to N87.40 billion in Q1 2026, from N2.27 trillion in Q1 2025.

This means Nigeria spent N2.18 trillion less on petrol imports compared with Q1 2025 and N3.45 trillion less compared with the preceding quarter.