An estimated $77.7 billion was lost by Nigeria to trade-related illicit financial flows (IFFs) between 2013 and 2022, a new report by Global Financial Integrity (GFI), a United States–based think tank has revealed. Illicit financial flows refer to the cross-border movement of money or value that is illegally earned, transferred, or used, including proceeds of corruption, crime, tax evasion, and trade mis-invoicing. In the report, titled “Trade-related Illicit Financial Flows in Africa, 2013–2022”, GFI identified trade mis-invoicing as a major obstacle to Africa’s inclusive growth and economic sovereignty. The study…
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