Nigeria’s current account surplus expanded by 8.5% y/y to $4bn in the third quarter of 2014, as a decline in the trade surplus was more than offset by a smaller deficit on the income account and higher current transfers, data from the Central Bank of Nigeria (CBN) showed.
The country’s trade surplus decreased 3.3% y/y to $9.7bn in Q3 as the value of its crude oil exports fell 3.9% y/y to $19.4bn. At the same time, imports fell 2.9% y/y to $12.9bn.
The deficit on the income balance narrowed by 15% y/y to $5.9bn and the net inflow of current transfers rose 1.8% y/y to $5.6bn.
The deficit on the services account widened by 10% y/y to $5.4bn.
| $mn | Q3 2014 | Q2 2014 | Q1 2014 | Q4 2013 | Q3 2013 | Q3 2014 y/y | Q3 2014 q/q |
| CURRENT ACCOUNT BALANCE | 3 986.0 | 220.7 | 4 577.0 | 5 324.4 | 3 674.3 | 8.5% | 1706.1% |
| Trade balance | 9 737.6 | 6 991.7 | 9 262.6 | 10 201.6 | 10 074.1 | -3.3% | 39.3% |
| --Exports (fob) | 22 670.6 | 22 496.1 | 22 737.2 | 22 556.4 | 23 391.7 | -3.1% | 0.8% |
| ---crude oil | 19 399.5 | 18 888.7 | 18 897.2 | 18 952.9 | 20 179.3 | -3.9% | 2.7% |
| ---gas | 2 459.1 | 2 675.7 | 2 716.9 | 2 520.5 | 2 319.5 | 6.0% | -8.1% |
| ---non-oil | 812.0 | 931.6 | 1 123.1 | 1 083.0 | 892.8 | -9.1% | -12.8% |
| --Imports (fob) | -12 933.0 | -15 504.4 | -13 474.6 | -12 354.8 | -13 317.7 | -2.9% | -16.6% |
| ---crude oil and gas | -2 962.7 | -4 818.8 | -2 671.4 | -2 474.1 | -3 692.1 | -19.8% | -38.5% |
| ---non-oil | -9 970.3 | -10 685.5 | -10 803.2 | -9 880.6 | -9 625.6 | 3.6% | -6.7% |
| Services balance | -5 442.9 | -6 524.2 | -5 454.8 | -5 361.0 | -4 945.6 | 10.1% | -16.6% |
| --inflows | 486.8 | 508.8 | 525.3 | 559.0 | 813.4 | -40.2% | -4.3% |
| --outflows | -5 928.9 | -7 032.9 | -5 980.1 | -5 920.0 | -5 759.0 | 3.0% | -15.7% |
| Income balance | -5 861.4 | -5 958.7 | -4 658.2 | -5 585.5 | -6 905.6 | -15.1% | -1.6% |
| --inflows | 249.0 | 270.4 | 296.7 | 215.8 | 250.3 | -0.5% | -7.9% |
| --outflows | -6 110.4 | -6 229.2 | -4 954.9 | -5 801.2 | -7 155.9 | -14.6% | -1.9% |
| Current transfers (net) | 5 551.8 | 5 711.9 | 5 427.5 | 6 069.2 | 5 451.5 | 1.8% | -2.8% |
| --inflows | 5 640.2 | 5 801.0 | 5 514.9 | 6 139.1 | 5 636.9 | 0.1% | -2.8% |
| --outflows | -88.4 | -89.1 | -87.5 | -69.9 | -185.4 | -52.3% | -0.8% |
| Source: Central Bank of Nigeria |
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