Nigeria recorded a $12.4 billion unexplained gap in its external accounts during the first half of 2026, according to the World Bank's October 2026 Nigeria Development Update. The discrepancy, recorded as net errors and omissions in the balance of payments, may partly reflect oil export proceeds that were not repatriated, though the World Bank did not quantify the amount or rule out data gaps as a contributing factor.
The World Bank found that Nigeria's current account surplus reached $12 billion, equivalent to 7.0 percent of gross domestic product, while net financial inflows totalled $6.2 billion. Crude oil and gas exports rose 19.6 percent compared with the second half of 2025, while refined oil exports increased 48 percent. Oil imports fell 54.6 percent over the same period. However, the negative $12.4 billion in net errors and omissions offset much of the combined surplus and financial inflows.
Foreign direct investment fell 15 percent to $2.2 billion in the first half of 2026. By contrast, net foreign portfolio investment inflows rose 80.8 percent to $12.2 billion, attracted by high domestic yields. The World Bank warned this dependence on short-term capital leaves Nigeria exposed to sudden withdrawals when global financial conditions deteriorate.
The World Bank commended Central Bank of Nigeria reforms to the foreign exchange market since 2024, including removing restrictions on international oil companies transferring export proceeds and simplifying remittances. However, it recommended further reforms including allowing banks to hold net open foreign exchange positions and improving transparency of CBN intervention.