Curbing Illicit Financial Flows Out Of Nigeria

Development question in Nigeria and elsewhere in the developing countries has shifted focus on financing development to domestic mobilization of resources. The argument has been that if leakages through which money illicitly move from one country to another is blocked, this could be resourceful to pursuing development prospect of affected countries. In the case of Nigeria, in 2014, the Global Financial Integrity report placed the country at the highest rung of the ranking ladder of illicit financial outflows from Sub-Sahara Africa with measured cumulative flows of $182 billion between 2000 and 2009. Similarly, the 2015 report of the Thabo Mbeki High Level Panel on the IFFs from Africa revealed that funds stolen through corruption, tax evasion and illegal transfer of profits by multinationals in Nigeria amounts to N6.87 trillion. This amount is sufficient to reverse the dwindling and comatose state of the Nigeria’s economy. Economy sectors such as agriculture, energy, tourism, mining and the manufacturing industry have been neglected, and, this has amplified a widespread poverty, low standard of living at an individual level and rising unemployment in the country.

The project therefore seeks to support efforts towards mitigating illicit financial flows in Nigeria through a three pronged approach of policy-relevant research, public awareness campaign and advocacy. By bridging the existing gap in knowledge about the dynamics, patterns and dimensions of IFFs in the country, mobilise support for active stakeholders’ engagement, and engage in campaign advocacy in a constructive manner, we believe that the seeming rising tide of IFFs in the country can be curtailed..