Nigeria lost a total of $77.7 billion to trade-related illicit financial flows (IFFs) between 2013 and 2022 (a period of 10 years), a new report by Global Financial Integrity (GFI) has revealed.
GFI is a renowned United States-based think tank focused on tracking illicit financial flows, corruption, illicit trade and money laundering.
In a new report titled, “Trade-related Illicit Financial Flows in Africa, 2013-2022”, GFI noted that IFFs represent a formidable barrier to Africa’s inclusive growth and economic sovereignty, adding that the new report captured trade-related value gaps for all Sub-Saharan African nations between 2013 and 2022.