Nigeria Says Non-Oil Exports Surpassed Oil in Q3 as FX Reserves Rise Above $55 Billion
Nigeria says non-oil exports exceeded oil exports in the third quarter of 2026, a potential milestone in efforts to reduce the country’s dependence on crude earnings. The Finance Ministry and Central Bank also said foreign-exchange reserves have risen above $55 billion. The agencies did not disclose the export values, product categories or detailed comparison figures. If sustained, the shift could strengthen Nigeria’s external position, especially as expanding domestic refining reduces imports of refined petroleum products. Nigeria also recorded a balance-of-payments surplus of more than $5 billion in 2025, according to the statement. Higher reserves could help the CBN meet FX demand, reduce pressure on the naira and improve confidence among foreign investors. The update follows a new fiscal-monetary coordination agreement intended to align government and CBN assumptions on inflation, revenue, liquidity, financing and external-sector conditions while preserving the central bank’s independence.
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