Dr. Doris Uzoka-Anite, Nigeria’s Minister of State for Finance, has revealed that illicit financial flows cost the country approximately $17.72 billion each year, making up around 20% of the total $88.6 billion lost across Africa. These outflows are significantly affecting Nigeria's capacity to provide vital infrastructure and services to its citizens.

Dr. Uzoka-Anite shared this information during her speech at the United Nations (UN) Headquarters in New York, just before the Fourth International Conference on Financing for Development (FfD4). In her address on “Safeguarding Sustainable Development Finance by Addressing Illicit Financial Flows and Fighting Financial Crimes,” she highlighted the damaging effects of illicit financial flows on Nigeria’s and Africa’s overall development.

“These financial outflows represent a major obstacle to our progress, depriving our citizens of the vital services and infrastructure they need,” she remarked. “It is crucial that we work together to ensure our resources are used for the benefit of our people.”

The Minister reaffirmed Nigeria's commitment to addressing these challenges through international collaboration. She emphasized the country’s role in promoting the Common African Position on Asset Recovery (CAPAR) and supporting the UN Framework on international tax cooperation to tackle illicit financial flows.

Dr. Uzoka-Anite also called for increased transparency in ownership and better sharing of information across borders to improve asset recovery. She stressed that real progress requires fairness in global financial systems, ensuring resources are utilized to support sustainable development rather than being diverted through illicit means.

“True progress requires fairness and equity in global financial systems,” she said. “We must collaborate to build systems that ensure resources are allocated where they are needed most — for the benefit of all citizens.”

In closing, Dr. Uzoka-Anite urged immediate action to combat illicit financial flows and financial crime, stressing that these efforts are vital for the well-being of both current and future generations.

“We owe it to ourselves, our children, and future generations to take bold steps to address illicit financial flows and financial crime,” she concluded.