WITH a record $130 billion allegedly stolen by its leaders within a decade, Nigeria has been rated as the leading source of illicit financial outflow in Africa.
The rating was contained in a report on currency laundering across the world by the United States-based Global Financial Integrity (GFI).
Co-authored by GFI’s Lead Economist, Dev Kar, and GFI’s Economist, Sarah Freitas, the report is the first by the organisation incorporating a new and more conservative estimate of illicit financial flows.
In the report,Nigeria occupies the eighth position among 20 countries appraised on illicit financial outflow.
According to its recent document, the GFI said it used the World Bank and International Monetary Fund (IMF) data to quantify and pattern the illicit financial flows coming out of developing countries between 2000 and 2009, which depicted “Nigeria as the leading source of illicit financial outflow from sub-Sahara Africa” within the period.
The GFI report had shown that developing countries lost $903 billion in illicit outflows in 2009, although there was a significant decrease from the $1.55 trillion they lost in 2008, the decrease arising essentially from global financial crisis within the vast majority of countries and not due to improved governance or economic reforms.