The warning was contained in the US Department of State’s 2026 Nigeria Investment Climate Statement, which raised concerns about the alleged use of detention and exit restrictions to pressure foreign companies during commercial or regulatory disputes.
The report cited the February 2024 detention of Binance executive Tigran Gambaryan and another company executive after they travelled to Abuja for meetings with Nigerian officials. Gambaryan spent about eight months in detention before the charges against him were withdrawn on humanitarian grounds in October 2024.
The State Department also expressed concern about alleged harassment of travellers at Nigerian airports and delays affecting some foreign visitors attempting to leave the country after entering on business visas. It noted that such visas generally permit meetings and related commercial activities but do not authorise paid employment.
Despite the concerns, the report acknowledged Nigeria’s investment opportunities and improving macroeconomic stability. It said US foreign direct investment in Nigeria reached $7.9bn at the end of 2024, while bilateral trade between the two countries totalled $14.8bn in 2025.
The assessment highlights the need for predictable regulation and stronger investor confidence as Nigeria seeks to attract international capital.
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Summary
The US State Department has warned American business executives about potential detention and travel restrictions in Nigeria during regulatory investigations and commercial disputes, while acknowledging continued trade and investment ties between both countries. The United States has warned American investors and business executives about potential detention and travel restrictions when conducting business in Nigeria, particularly where their companies...
Key takeaways
- The US State Department has warned American business executives about potential detention and travel restrictions in Nigeria during regulatory investigations and commercial disputes, while acknowledging continued trade and investment ties between both countries.
- The United States has warned American investors and business executives about potential detention and travel restrictions when conducting business in Nigeria, particularly where their companies are involved in regulatory investigations, tax disputes or other disagreements with government authorities.The warning was contained in the US Department of State’s 2026 Nigeria Investment Climate Statement, which raised concerns about the alleged use of detention and exit restrictions to pressure foreign companies during commercial or regulatory disputes.The report cited the February 2024 detention of Binance executive Tigran Gambaryan and another company executive after they travelled to Abuja for meetings with Nigerian officials.
- Gambaryan spent about eight months in detention before the charges against him were withdrawn on humanitarian grounds in October 2024.The State Department also expressed concern about alleged harassment of travellers at Nigerian airports and delays affecting some foreign visitors attempting to leave the country after entering on business visas.
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The US State Department has warned American business executives about potential detention and travel restrictions in Nigeria during regulatory investigations and commercial disputes, while acknowledging continued trade and investment ties between both countries. The United States has warned American investors and business executives about potential detention and travel restrictions when conducting business in Nigeria, particularly where their companies...
Who published this story?
Glow 99.1 FM published this story with GlowRy Atuah listed as author.
When was it published?
October 10, 2026
