How Illicit Financial Flows Affected Nigeria’s Development-Buhari

Over $60Billion Lost Annually To Illicit Financial Outflow In Africa, Buhari Says

President Muhammadu Buhari  has revealed how much Nigeria and other African country lose yearly to illicit financial flow

Naija news learnt that the president gave the revelation at the opening session of the 16th Conference of the Committee of Intelligence and Security Services of Africa (CISSA) that African country lose over 60 billion US dollars annually due to illicit financial outflow.

speaking during the conference he said
Frankly, we may never know the true extent of the damage. Estimates, however, suggest that African countries lose over 60 billion US dollars annually due to illicit financial outflows, a staggering amount for a continent in dire need of development finance.

“Corroborating this figure, a United Nations Report on ‘Illicit Financial Flows and the Problem of Net Resource Transfers from Africa: 1980-2009,’ observed that during the period 1980 to 2009 between $1.2 trillion and $1.4 trillion was taken out of Africa. This figure is half of the current Gross Domestic Products of all the countries of Africa,’’ he said.

The president also called on security agencies in Africa, especially the intelligence community, to tighten the loop against illicit financial flows, attributing rising security challenges to sponsorship by those who profit from illegal financial activities.

As partners in the fight against crime and insecurity, you know that terrorist networks, organized criminal syndicates of drugs, arms and human traffickers and sundry hostile non-state actors are actively undermining the security and stability of our countries,’’

speaking further president Buhari added that firm and unwavering action will be required to bring threats under control.

According to him, “My role as African Union’s Anti-Corruption Champion brought me closer to appreciating more the devastating impact of corruption and illicit financial outflows on our continent.