Africa Loses $88.6Bn Annually To Illicit Financial Flows -Uzoka-Anite
By Sunday Etuka, Abuja
The Minister of State for Finance, Dr. Doris Uzoka-Anite has stated that Africa loses an estimated $88.6 billion annually to illicit financial flows, with Nigeria accounting for approximately 20% of these losses.
Addressing key stakeholders on “Safeguarding Sustainable Development Finance by Addressing Illicit Financial Flows and Fighting Financial Crimes” at the United Nations Headquarters in New York on Thursday ahead of the Fourth International Conference on Financing for Development (FfD4) in Seville, Dr 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 utilized for the benefit of our citizens,” she noted.
The Minister, in a statement on Friday by the Director, Information and Public Relations of the Ministry, Mohammed Manga, stated that to address this challenge, “Nigeria remains committed to multilateral cooperation through our championing of the Common African Position on Asset Recovery (CAPAR) and supporting the UN Framework on international tax cooperation.”
Dr. Uzoka-Anite emphasized the importance of enhancing beneficial ownership transparency and improving information sharing across borders to make asset recovery more efficient.
“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.
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 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,” Dr. Uzoka-Anite reiterated.
