By Dele Ogbodo
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 on Thursday ahead of the 4th International Conference on Financing for Development (FfD4) in Seville, Uzoka-Anite underscored Nigeria’s commitment to addressing these challenges.
She stated that recent estimates informs that Africa loses $88.6 billion annually to illicit financial flows, with Nigeria accounting for approximately 20% 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.
To address this challenge, the Minister said, 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.
Uzoka-Anite, emphasized 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, Uzoka-Anite reiterated
As Nigeria continues to champion this critical cause, the international community is urged to join forces in the fight against Illicit financial flows, ensuring a brighter future for all.
