Market News

ABUJA, Sept 18 (Reuters) – Nigeria’s current account surplus widened 68% to $7.54 billion in the second quarter, boosted by higher oil, gas and refined petroleum products exports, stronger remittance inflows and increased foreign portfolio investment, Central Bank of Nigeria balance of payments data showed on Friday.

The data point to a strengthening external position for Africa’s biggest oil producer, with export earnings rising sharply, foreign reserves climbing above $51 billion and the overall balance of payments posting a $3.51 billion surplus, despite wider deficits in services and investment income.

• Goods trade surplus widened to $10.12 billion at end-June from $5.96 billion in the previous quarter, as total exports climbed to $20.08 billion from $15.56 billion.
• Crude oil exports rose 15.8% to $9.39 billion, gas exports jumped 40.2% to $3.63 billion, while refined petroleum product exports surged 66.2% to $3.94 billion.
• Portfolio investment inflows rose to $7.09 billion from $6.03 billion, while foreign direct investment inflows rose to $1.15 billion from $1.03 billion.
• External reserves rose to $51.39 billion in the second quarter from $48.35 billion at end-March, while workers’ remittances increased to $5.82 billion from $5.30 billion.