- The Country Director of the African Development Bank, Dr Ousmane Dore, has revealed that a study commissioned by the bank has shown that Nigeria experienced cumulative illicit financial outflow totalling $83.3 billion between 1960-2011.
- Speaking in his keynote address at a multi stakeholders meeting for the development of national compact against IFF out of Nigeria in Abuja, yesterday, with the theme ‘Domestic Resource Mobilisation (DRM) for Nigeria’s Development: A Need for National Compact Against Illicit Financial Flows (IFF)’
Ousmane said, “While the government of Nigeria has embarked on milestone reforms aimed at improving DRM in the country, the benefits of the reforms had been limited with the IFF requiring urgent attention.”
- He recalled that the Global Financial Integrity had ranked Nigeria 7th among the top 10 highest illicit capital outflows in the developing world and first in Africa on the cumulative illicit capital outflows between 2001-2010 at a meeting organised by the Centre for Democracy and Development (CDD) in partnership with Trust Africa.”
- Source: Leadership
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