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.
To address the challenge, the minister said, “Nigeria remains committed to multilateral cooperation through ourchampioning of the Common African Position on Asset Recovery (CAPAR) and supporting the UN Framework on international tax cooperation.”
Uzoka-Anite emphasised the importance of enhancing beneficial ownership transparency and improving information sharing across borders to make asset recovery more efficient.
According to her, “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.”
The minister reaffirmed Nigeria’s commitment to collaborating with international partners to achieve a more equitable and sustainable financial system.
“By working together, we can ensure that resources are utilised 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 stressed.