Nigeria Loses $17.72bn To Illicit Financial Flows

The federal government has stated that recent estimates indicate that Africa loses $88.6 billion annually to illicit financial flows, with Nigeria accounting for approximately $17.72 billion or 20 per cent of the losses.

These outflows, it observed, hinder the country’s ability to provide essential infrastructure and services to its citizens.

The Minister of State for Finance, Dr. Doris Uzoka-Anite who made the disclosure at the United Nations (UN) Headquarters in New York, United States of America ahead of the Fourth International Conference on Financing for Development (FfD4), highlighted the significant impact of illicit financial flows and financial crime on sustainable development in Nigeria and across Africa.

Addressing key stakeholders on ‘Safeguarding Sustainable Development Finance by Addressing Illicit Financial Flows and Fighting Financial Crimes’, Uzoka-Anite underscored Nigeria’s commitment to addressing these challenges.

“These illicit financial flows are a major obstacle to our development, depriving our citizens of essential services and infrastructure. We must work together to ensure that our resources are utilised for the benefit of our citizens,” she said.