Nigeria has emerged as one of Africa?s most affected economies in the fight against illicit financial flows, accounting for roughly 20% of the continent?s $88.6 billion in annual losses, according to new figures highlighted by the ministry of finance at a United Nations gathering this week.

Speaking at the UN Headquarters in New York ahead of the Fourth International Conference on Financing for Development (FfD4) in Seville, Doris Uzoka-Anite, minister of state for finance said the financial hemorrhage not only deprives Nigeria of critical development capital but also severely undermines the country?s ability to deliver essential services and infrastructure.

?These illicit financial flows are a major obstacle to our development, depriving our citizens of essential services,? Uzoka-Anite told global finance leaders during a session on Safeguarding Sustainable Development Finance. ?We must work together to ensure our resources are utilized for the benefit of our people.?

Illicit financial flows (IFFs)?which include tax evasion, corruption, trade misinvoicing, and illicit capital flight?have long been a structural challenge for African economies.

But Nigeria?s disproportionate share, approximately $17.7 billion annually, has drawn particular concern from policymakers. The funds lost, experts say, could otherwise finance national infrastructure, public healthcare, and education in Africa?s most populous country.

To combat the crisis, Uzoka-Anite emphasised Nigeria?s leadership in championing the Common African Position on Asset Recovery (CAPAR), a continent-wide initiative aimed at simplifying and accelerating the return of stolen assets.

Nigeria is also pushing for deeper international alignment on tax cooperation, including through the United Nations? Framework on International Tax Cooperation.

?True progress requires equity in global financial systems. We must build better systems that ensure resources remain where they belong?financing sustainable development,? she said.

The Minister called for tighter rules around beneficial ownership disclosure, more robust cross-border information sharing, and a renewed global commitment to dismantling opaque financial structures that enable capital flight.

These reforms, she argued, are essential to leveling the playing field for developing nations locked out of the current global financial architecture.

Nigeria?s push comes amid increasing pressure on wealthy nations and international institutions to support reforms that would improve transparency and return stolen or misallocated funds to developing economies. Asset recovery efforts have historically been slow, politically fraught, and hampered by legal and jurisdictional barriers.

?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,? Uzoka-Anite stressed. (BusinessDay)

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