The federal government has stated that Africa loses an estimated $88.6 billion annually to illicit financial flows, with Nigeria accounting for approximately 20% of these losses.
Estimation brings the amount lost by Nigeria to $17.72 billion.
This was disclosed by the Minister of State for Finance, Dr. Doris Uzoka-Anite, at the United Nations (UN) Headquarters in New York, United States of America, ahead of the Fourth International Conference on Financing for Development (FfD4).
According to her, these outflows severely undermine our ability to provide essential infrastructure and services to Nigerians.
Addressing key stakeholders on ‘Safeguarding Sustainable Development Finance by Addressing Illicit Financial Flows and Fighting Financial Crimes’, she, however, said that Nigeria remains committed to multilateral cooperation through championing the Common African Position on Asset Recovery (CAPAR), and supporting the UN Framework on international tax cooperation.
Dr. Doris Uzoka-Anite, at the United Nations (UN) Headquarters in New York, United States of America, ahead of the Fourth International Conference on Financing for Development (FfD4).
“Domestically, our Presidential Interagency Commission on IFFs is working to strengthen detection and recovery of illicit assets.
“True progress requires equity in global financial systems. We must enhance beneficial ownership transparency and improve information sharing across borders to make asset recovery more efficient.
“Together, we can build better systems that ensure resources remain where they belong – financing sustainable development for our citizens,” she said.
