Nigeria recommits to tackling illicit financial flows

As the world grapples with the challenges of sustainable development, the Minister of State for Finance, Dr Doris Uzoka-Anite, has 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”, at the United Nations Headquarters in New York, ahead of the Fourth International Conference on Financing for Development (FfD4) in Seville, Dr Doris Uzoka-Anite underscored Nigeria’s commitment to addressing these challenges.

She stated that recent estimates inform that Africa loses $88.6 billion annually to illicit financial flows, with Nigeria accounting for approximately 20 percent of these losses, noting that these outflows hinder the country’s ability to provide essential infrastructure and services to its citizens.

“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,” Dr Doris Uzoka-Anite said.

To address this challenge, the Minister stated, “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 emphasised 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.

She urged the international community to join forces in the fight against illicit financial flows, ensuring a brighter future for all, as Nigeria continues to champion this critical cause.