World Bank Reports $12.4bn Oil Funds Missing in Nigeria

In the first half of 2026, Nigeria's external accounts experienced a substantial loss due to unexplained transactions totaling $12.4 billion, which the World Bank attributed to unrepatriated oil export proceeds. This amount offset much of the gains from the country's current account surplus and net financial inflows.

The World Bank's assessment indicated that these unexplained outflows were recorded as net errors and omissions in the balance of payments, highlighting weaknesses in Nigeria's foreign exchange market. The report did not classify the $12.4 billion as stolen funds but noted it reflected discrepancies in external transactions.

The World Bank emphasized that the gap likely stemmed from oil export proceeds not being returned to Nigeria, potentially retained in offshore accounts. The report also mentioned that Nigeria's current account surplus rose to $12 billion, equivalent to 7 percent of GDP, in the same period, but the large net errors and omissions raised questions about the transparency of Nigeria's export earnings.