GFI Ranks Nigeria As 10th Biggest Exporter Of Illicit Money

BEVERLY HILLS, December 09, (THEWILL) – Out of 20 emerging and developed economies in the world, Nigeria has been ranked as the 10th biggest exporter of Illicit Financial Flows, IFF, between 2004 and 2013. The country ranked after South Africa in a study conducted by the Global Financial Integrity, GFI.

Disclosing this in a statement issued in Lagos on Wednesday by its Media Contact, Ms Christine Clough, GFI noted that China came first with 139.2 billion dollars outflow, followed by Russia (about 105 billion dollars), Mexico came third with 52.8 billion dollars, while Poland came last with nine billion dollars outflow.

The report, which pointed out that within the period under review emerging economies cumulatively exported 1.1 trillion dollars (about N217 trillion), noted that Nigeria alone exported 17.8 billion dollars about (N3.5 trillion), while South Africa exported 20.9 billion dollars during the same time belt.

GFI is a Washington DC-based research and advisory organisation working to curtail illicit financial flows across the globe. The statement issued by its Media Contact 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,'' the GFI President, Mr. Raymond Baker was quoted as saying in the statement.

The report was release on December 9 to coincide with the International Anti-Corruption Day, same day the United Nations Secretary-General; Mr. Ban Ki-Moon, called on world leaders to redouble efforts at fighting all forms of corruption in their countries.