Friday, 11 December 2015

Nigeria ranked 10th Biggest Exporter of Illicit Financial Flows

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

In a statement yesterday in Lagos issued by the Media Contact for GFI, Ms Christine Clough, it said the record was obtained from 20 emerging and developed economies worldwide.

In the statement obtained by AFP, it said China came first with $139.2 billion ouflow, followed by Russia (about 105 billion), Mexico came third with $52.8 billion, while Poland came last with $9 billion outflow. GFI said cumulatively, emerging economies exported $1.1 trillion (about N217 trillion) within the period.

It said Nigeria alone exported $17.8 billion about (N3.5 trillion), while South Africa exported $20.9 billion during the period. December 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 United Nations scribe, Ban Ki-Moon, yesterday 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 $1 trillion obtained in 2011 by $100 billion.

It added that the figure marked a dramatic increase from 2004, when illicit outflows totaled just $465.3 billion (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,’’ GFI President, Mr. Raymond Baker, said.

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