Nigeria Lost $77.7bn to Illicit Financial Flows in 10 Years

Nigeria Lost $77.7bn to Illicit Financial Flows in 10 Years

Abuja -- Nigeria lost a total of $77.7 billion to trade-related illicit financial flows (IFFs) between 2013 and 2022 (a period of 10 years), a new report by Global Financial Integrity (GFI) has revealed.

Africa’s Hidden Trade Leakages Exposed: Illicit Financial Flows Topped $150bn in 2022, Says GFI | The Middle East Observer

A newly released report by Global Financial Integrity paints a stark picture of how trade misinvoicing continues to drain African economies. Covering all Sub-Saharan African countries between 2013 and 2022, the study estimates that trade-related “value gaps” — a widely used proxy for illicit financial flows (IFFs) through misreported imports and exports — reached $152.9 […]