Nigeria earned $2.53 billion from gas exports in the first quarter of 2026, reinforcing the growing role of natural gas in the country’s foreign exchange earnings mix and supporting a stronger external sector performance, according to data released by the Central Bank of Nigeria (CBN).
The figure represents a 12.95 per cent increase from the $2.24 billion recorded in the fourth quarter of 2025, underscoring the gradual shift in Nigeria’s export profile as policymakers seek to reduce dependence on crude oil revenues.
The CBN, in its Balance of Payments Highlights for Q1 2026, said gas export receipts maintained an upward trajectory during the period, contributing to improvements in the country’s merchandise trade position and current account balance.
Analysts say the development reflects the increasing commercial importance of Nigeria’s vast natural gas reserves at a time when global energy markets are placing greater emphasis on cleaner-burning fuels and energy security.
The stronger gas earnings coincided with a significant improvement in Nigeria’s goods account, which posted a surplus of $5.95 billion during the quarter, compared with $1.77 billion in the preceding quarter and $3.35 billion in the corresponding period of 2025.
According to the apex bank, the robust goods account performance was driven largely by improved export earnings, with gas exports providing additional support to external balances.
The latest figures highlight the Federal Government’s efforts to position natural gas as a strategic growth driver under its energy transition agenda and foreign exchange diversification strategy.
Nigeria holds some of the largest proven gas reserves in Africa, yet the resource has historically remained underdeveloped compared with crude oil. In recent years, however, authorities have intensified investments in gas infrastructure, processing facilities and export projects aimed at unlocking greater value from the sector.
Industry stakeholders note that rising gas exports are particularly significant as they provide a more diversified source of foreign exchange earnings at a time when oil markets remain vulnerable to price volatility and geopolitical disruptions.
The improved gas performance also contributed to a stronger overall external position for the country.
CBN data showed that Nigeria’s current account surplus rose sharply to $4.98 billion in the first quarter of 2026 from $1.40 billion in the preceding quarter, with the goods account remaining the principal driver of the surplus.
The positive trend comes alongside a sharp decline in fuel import expenditure following increased domestic refining activity.
Recent industry data showed that Nigeria’s petrol import bill fell to N87.40 billion in Q1 2026 from N2.27 trillion in the corresponding period of 2025, significantly reducing pressure on foreign exchange demand.
For Africa’s largest economy, the combination of rising gas export receipts and lower fuel import costs points to gradual progress in strengthening external balances, while reinforcing the government’s long-standing ambition to transform natural gas into a major pillar of economic growth and export earnings.