Nigeria champions African position on asset recovery at UN FIDA in Seville
As the world navigates the complexities of sustainable development, Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite, has underscored the profound impact of illicit financial flows and financial crime on long-term progress in Nigeria and across Africa.
Addressing key stakeholders on *Safeguarding Sustainable Development Finance by Addressing Illicit Financial Flows and Fighting Financial Crimes* at the United Nations Headquarters in New York on Thursday ahead of the Fourth International Conference on Financing for Development (FfD4) in Seville, Dr Doris Uzoka-Anite highlighted Nigeria’s commitment to addressing these challenges.
In a statement issued by the Ministry’s Director of Information and Public Relations, Mr. Mohammed Manga, she stated that recent estimates reveal that Africa loses $88.6 billion annually to illicit financial flows, with Nigeria accounting for approximately 20% of these losses, noting that these outflows significantly hinder the country’s ability to provide essential infrastructure and services to its citizens.
“These illicit financial flows are a major obstacle to our development, depriving our citizens of essential services and infrastructure. We must work together to ensure that our resources are utilized for the benefit of our citizens.”
To address this challenge, the Minister said, “Nigeria remains committed to multilateral cooperation through our championing of the Common African Position on Asset Recovery (CAPAR) and supporting the UN Framework on international tax cooperation.”
Dr. Uzoka-Anite emphasized the importance of enhancing beneficial ownership transparency and improving information sharing across borders to make asset recovery more efficient.
According to her, “True progress requires equity in global financial systems. We must work together to build better systems that ensure resources remain where they belong – financing sustainable development for our citizens”
The Minister reaffirmed Nigeria’s commitment to collaborating with international partners to achieve a more equitable and sustainable financial system. “By working together, we can ensure that resources are utilized for the benefit of all citizens rather than being siphoned off through illicit means. We owe it to ourselves, our children, and future generations to take bold action against illicit financial flows and financial crime” Dr. Uzoka-Anite stressed.
As Nigeria continues to champion this critical cause, the international community is urged to join forces in the fight against Illicit financial flows, ensuring a brighter future for all.
