As global attention intensifies on sustainable development, Nigeria has taken the lead in advocating for stronger international cooperation to curb illicit financial flows (IFFs) and financial crimes—issues that continue to hinder progress across Africa.
The Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite, while speaking
ahead of the Fourth International Conference on Financing for Development (FfD4) in Seville emphasized Nigeria’s unwavering commitment to tackling financial misconduct at a high-level session on Safeguarding Sustainable Development Finance.
Director Information and Public Relations, Mohammed Manga in a statement quoted the minister to have addressed the lingering issue of Illicit Financial Flows and the Fight against Financial Crimes at the United Nations Headquarters in New York.
Dr. Uzoka-Anite revealed that Africa loses an estimated $88.6 billion annually to illicit financial flows, with Nigeria accounting for approximately 20% of that figure.
These losses, she noted, significantly limit the continent’s ability to invest in essential infrastructure and public services.
“These illicit financial flows are a major obstacle to our development, depriving our citizens of essential services and infrastructure,” the Minister said. “We must work together to ensure that our resources are utilized for the benefit of our citizens.”
To combat this trend, Dr. Uzoka-Anite reiterated Nigeria’s commitment to multilateral collaboration, particularly through its leadership in the Common African Position on Asset Recovery (CAPAR) and its support for the UN Framework on International Tax Cooperation.
She stressed the need for enhanced beneficial ownership transparency and improved cross-border information sharing to facilitate more efficient asset recovery processes.
“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 reaffirmed Nigeria’s dedication to partnering with international actors in creating a more just and resilient financial architecture.
“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 concluded.
Nigeria’s leadership on this issue reflects a broader call to the international community: to unite in the fight against financial crimes that undermine development, and to work collectively toward a more equitable and prosperous global future.