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Nigeria Spends Big Abroad, Services Deficit Hits $3.7bn
The Business NG
|The BusinessNG
Nigeria recorded a deeper deficit in its balance of payments (BoP) services account in the first quarter of 2025, as rising foreign travel costs and weaker service exports widened the gap to $3.7 billion-equivalent to 8.3% of the country's Gross Domestic Product (GDP).
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This is up from $3.5 billion in the previous quarter and $3.3 billion in the same period last year, according to new data from the Central Bank of Nigeria (CBN).
While the country posted an overall current account surplus of $3.7 billion in Q1, the services segment remained a significant drain, revealing Nigeria’s continued dependence on imported services due to limited local capacity.
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