The federal government says Nigeria loses an estimated 17.72 billion dollars each year to illicit financial flows, representing about 20 percent of Africa’s annual losses to such practices.
The Minister of State for Finance, Dr Doris Uzoka-Anite, made the disclosure at the United Nations headquarters in New York, ahead of the Fourth International Conference on Financing for Development. She described the outflows as a major barrier to providing critical infrastructure and services for Nigerians.
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Dr Uzoka-Anite said Nigeria is committed to international cooperation through initiatives like the Common African Position on Asset Recovery and the United Nations tax cooperation framework. Domestically, she added, Nigeria’s Presidential Interagency Commission is working to improve detection and recovery of illicit assets.
She called for greater equity in the global financial system, including enhanced transparency in ownership and cross-border information sharing to improve asset recovery and bolster sustainable development.
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