Nigeria Leads Africa’s Fight Against  $88.6bn Annual Losses from Illicit Financial Flows

Nigeria Leads Africa’s Fight Against  $88.6bn Annual Losses from Illicit Financial Flows

JOEL OLADELE, Abuja

In a move to combat the staggering $88.6 billion that Africa loses annually to illicit financial flows, Nigeria is taking a leading role in addressing this pressing issue.

During a recent address at the United Nations Headquarters in New York, the Minister of State for Finance, Dr. Doris Uzoka-Anite, emphasized that Nigeria alone accounts for approximately 20% of these losses, which severely hampers the nation’s ability to provide essential infrastructure and services to its citizens.

Speaking at the event titled “Safeguarding Sustainable Development Finance by Addressing Illicit Financial Flows and Fighting Financial Crimes,” Dr. Uzoka-Anite noted the detrimental impact of financial crime on sustainable development in Nigeria and across the continent.

She stated, “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 utilized for the benefit of our citizens.”

To combat these challenges, the Minister reaffirmed Nigeria’s commitment to multilateral cooperation, particularly through its advocacy for the Common African Position on Asset Recovery (CAPAR) and support for the UN Framework on international tax cooperation.

She highlighted the necessity of enhancing beneficial ownership transparency and improving cross-border information sharing to facilitate more effective asset recovery. “True progress requires equity in global financial systems. We must work together to build better systems that ensure resources remain where they belong—financing sustainable development for our citizens,” she stated.

Dr. Uzoka-Anite reiterated Nigeria’s dedication to collaborating with international partners to foster a more equitable and sustainable financial system.

“By working together, we can ensure that resources are utilized for the benefit of all citizens rather than being siphoned off through illicit means. We owe it to ourselves, our children, and future generations to take bold action against illicit financial flows and financial crime,” she emphasized.