World Bank Reveals $12.4bn Gap in Nigeria's Accounts

The World Bank reported a $12.4 billion unexplained gap in Nigeria's external accounts for the first half of 2026, which may reflect oil export earnings that were not repatriated. This finding was part of the October 2026 Nigeria Development Update titled "Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities." The report indicated that Nigeria had a current account surplus of $12.0 billion, or 7.0 percent of GDP, an increase from $8.6 billion in the same period in 2025, attributed to higher oil prices and reduced oil import spending.

However, net errors and omissions of -$12.4 billion offset these gains, suggesting issues with oil export proceeds repatriation. The report also highlighted limited foreign direct investment and a reliance on short-term portfolio investors, which could threaten reserve stability.

Nigeria's gross external reserves rose from $45.5 billion at the end of 2025 to $53.8 billion by August 2026.