W’Bank: $12.4bn Unrepatriated Oil Funds Eroded Nigeria’s External Surplus in H1
• Portfolio investments hit $12.2bn, dwarfs $2.2bn direct investment inflows •Lender identifies overlapping budget cycles as key weakness •Calls for better expenditure forecast, credible budget calendar Emmanuel Addeh in Abuja
The World Bank has revealed that unexplained transactions totaling $12.4 billion in Nigeria's first half of 2026 wiped out a significant portion of the country's external surplus. This figure, recorded as net errors and omissions in the balance of payments, is likely due to oil export proceeds not being repatriated into the country.
Despite not labeling the funds as stolen or missing oil revenue, the World Bank stresses that this discrepancy highlights a persistent weakness in Nigeria's foreign exchange market. The bank calls for better expenditure forecasting, credible budget calendars, and improved foreign exchange market operations to address the issue.
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