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Wednesday, 9 December 2015

World Anti-corruption Day: Nigeria ranks 10th biggest exporter of illicit finance

The Global Financial Integrity (GFI) ranked Nigeria after South Africa as the 10 biggest exporter of Illicit Financial Flows (IFF) between 2004 and 2013.

In a statement on Wednesday in Lagos issued by the Media Contact for GFI, Ms Christine Clough, GFI said the record was obtained from 20 emerging and developed economies worldwide.
It said that China came first with 139.2 billion dollars ouflow, followed by Russia (about 105 billion billion), Mexico came third with 52.8 billion dollars, while Poland came last with nine billion dollars outflow.
GFI said cumulatively emerging economies exported 1.1 trillion dollars (about N217 trillion) within the period.
It said that Nigeria alone exported 17.8 billion dollars about (N3.5 trillion), while South Africa exported 20.9 billion dollars during the period.
Dec. 9 is marked globally as International Anti-Corruption Day.
GFI is a Washington DC-based research and advisory organisation working to curtail illicit financial flows worldwide.
The UN scribe, Ban Ki-Moon, on Wednesday also called on world leaders to redouble efforts at fighting all forms of corruption in their countries.
The statement noted that the report entitled: “Illicit Financial Flows from Developing Countries: 2004-2013,″ revealed that the 2013 IFF was higher than one trillion dollars obtained in 2011 by 100 billion dollars.
It added that the figure marked a dramatic increase from 2004, when illicit outflows totaled just 465.3 billion dollars (N9.2 trillion).
“This study clearly demonstrates that illicit financial flows are the most damaging economic problems faced by the world’s developing and emerging economies.
“This year at the UN, the mantra of ‘trillions not billions’ was continuously used to indicate the amount of funds needed to reach the Sustainable Development Goals.
“Significantly, curtailing illicit flows is central to that effort,’’ Mr Raymond Baker, GFI President, said.

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