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Illicit Financial Flows in Nigeria. StartSmart Nigeria reports that the Federal Government of Nigeria has revealed a staggering loss of $17.72 billion annually due to illicit financial flows. This alarming figure was revealed by Dr. Doris Uzoka-Anite, the Minister of State for Finance, during her speech at the United Nations (UN) Headquarters in New York ahead of the Fourth International Conference on Financing for Development (FfD4).
The Minister’s statement highlights the immense impact financial crime and corruption have on Nigeria’s ability to develop and deliver basic infrastructure and services to its population.
Africa’s Financial Drain: Nigeria’s Major Share. Illicit Financial Flows in Nigeria
In her address on the theme “Safeguarding Sustainable Development Finance by Addressing Illicit Financial Flows and Fighting Financial Crimes,” Dr. Uzoka-Anite emphasized Nigeria’s unwavering commitment to tackling the menace of illicit financial flows.
“These illicit financial flows are a major obstacle to our development, depriving our citizens of essential services and infrastructure,” she said. “We must work together to ensure that our resources are utilised for the benefit of our citizens.”
StartSmart Nigeria learned that Africa, as a continent, loses an estimated $88.6 billion every year due to illicit financial activities. Out of this, Nigeria alone contributes approximately $17.72 billion, representing a shocking 20% of the total losses.
Impact on Nigeria’s Development. Illicit Financial Flows in Nigeria
The loss of nearly $18 billion every year has profound consequences for Nigeria’s growth and its ability to invest in:
- Healthcare
- Education
- Transportation Infrastructure
- Poverty Alleviation Programs
- Security and National Development
Dr. Uzoka-Anite stressed that addressing this issue is vital for meeting the country’s Sustainable Development Goals (SDGs) and building an inclusive economy that benefits every Nigerian.
Nigeria’s Call to Action on the Global Stage
The Minister urged the international community to assist Nigeria in curbing these financial crimes by promoting transparency, global cooperation, and stronger regulatory mechanisms. She called for more proactive collaboration in tracking illicit flows and returning stolen assets to their countries of origin. Illicit Financial Flows in Nigeria
Her speech underscores the urgency for global financial institutions and governments to support African countries in building transparent systems, improving governance, and ending the cycle of capital flight.
What This Means for Nigerians
This report is a wake-up call for policymakers, institutions, and the Nigerian public. Tackling illicit financial flows is not just a matter of recovering money—it’s about securing the future of the country. When billions are lost to corruption and illegal transfers, essential sectors like education, electricity, and road construction suffer. Illicit Financial Flows in Nigeria
By plugging these financial leaks, Nigeria can make major strides toward reducing poverty, creating jobs, and improving public services.
Dr. Doris Uzoka-Anite at the UN Headquarters presenting Nigeria’s report on illicit financial losses.
Conclusion: Stopping Financial Crimes is Key to Growth
Nigeria’s annual loss of $17.72 billion due to illicit financial flows is a clear indicator of systemic challenges that require immediate reform. The government’s transparency on the issue is commendable, but more action is needed to recover lost funds and prevent future financial crimes.
As StartSmart Nigeria continues to track updates on this issue, it is clear that both local and international efforts are essential in building a more accountable, prosperous Nigeria. Illicit Financial Flows in Nigeria
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