The U.S. government has issued a warning to American business executives about the risks of detention during routine trips to Nigeria. Despite recognizing Nigeria's economic reforms under President Bola Tinubu, the State Department highlighted concerns in its 2026 Investment Climate Statement, released in September. The report noted that Nigerian authorities have previously used coercive exit bans and arbitrary detention as leverage in commercial or regulatory disputes, often to extract data or financial concessions from multinational companies.
The statement described a fragile stabilization of Nigeria's economy, citing reforms such as the removal of fuel subsidies and the liberalization of the foreign-exchange market. However, it also pointed to frequent use of entry and exit bans, known locally as 'Watch Lists,' to pressure companies into resolving disputes or paying alleged tax liabilities. The report cited a rise in reports of harassment at airports, where local media have highlighted 'shakedown' efforts targeting wealthy travelers.
The report cited the case of Tigran Gambaryan, a U.S. citizen and former IRS agent working for crypto exchange Binance Holdings Ltd., who was detained in Nigeria in February 2024. Gambaryan and a colleague had their passports seized and were initially held without charge before one executive escaped. Gambaryan was later moved to Kuje Prison on money-laundering and tax-evasion charges, but the charges were dropped on humanitarian grounds in October 2024. The report warned that such actions may be viewed as 'political pawn' maneuvers and advised U.S. businesses that standard trips can escalate into detention if regulatory suspicion arises.
Despite these risks, the report highlighted positive economic indicators, including a 13-year high of $50.45 billion in the central bank's foreign-currency reserves in February, a $2.35 billion eurobond issuance in late 2025, and a 51.19 percent surge in the All-Share Index last year. Nigeria was also removed from the Financial Action Task Force's 'grey list' in October 2025. U.S. foreign direct investment in Nigeria reached $7.9 billion at the end of 2024, a 25 percent increase from the previous year, with bilateral trade hitting $14.8 billion in 2025.