Nigeria Loses $17.8bn Annually to Illicit Financial Flows

The Africa Network for Environment and Economic Justice (ANEEJ) and SecFin Africa held a workshop in Abuja aimed at enhancing media participation in combating illicit financial flows (IFF) in Nigeria, which result in an estimated annual loss of $17.8 billion. Prof. Abdullahi Shehu, representing SecFin Africa, stated that IFF poses a significant threat to Nigeria's economic development and public welfare, as it involves the illegal transfer and concealment of funds across borders.

The United Nations Economic Commission for Africa (UN ECA) and the African Union (AU) have reported that Africa loses about $50 billion annually to IFF, with Nigeria accounting for roughly 20% of this amount. Mr. Leo Atakpu, Deputy Executive Director of ANEEJ, emphasized the importance of journalists in uncovering financial crimes and urged collaboration among government, civil society, and media to strengthen anti-money laundering measures and improve transparency in public resource management.