IMPACT OF ILLICIT FINANCIAL FLOWS ON NIGERIA

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Abstract

This research is a contribution to the debate and concerns about the issue of Illicit Financial Flows (IFFs), which has to do with developmental economics, not only in Nigeria, but Africa and the developing world. This paper, having reviewed various literatures, has come to the conclusion that Nigeria’s development and effort at reducing poverty has been hindered by IFFs, not just through the revenue lost by the state through IFFs, but also by the negative economic effects especially through capital flight, dislocation of economic projections, and rising insecurity. It is the contention of this paper that reversing the trend of IFFs, and recovering lost funds, will go a long way in helping reduce poverty and speed up economic development, not only in Nigeria, but Africa as a whole. This is premised on concrete evidence from various stakeholders and the work already being done by some civil society organisations involved in monitoring the use of recovered looted funds hitherto stashed in foreign jurisdictions.

Finally, this paper makes some recommendations to the national and regional authorities, multilateral organizations and civil societies, including INGOs, on how to address the issue of IFFs.

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