- African Development Bank (AfDB) has urged stakeholders to intensify efforts to chart a course for improving Domestic Resource Mobilisation (DRM) and develop a national compact against illicit financial flow out of Nigeria.
- AfDB Country Director, Nigeria, Dr Ousmane Dore gave the charge in Abuja during a keynote address he delivered at a “Multi- Stakeholders’ meeting on Illicit Financial Flows (IFFs) out of Nigeria”.
- The meeting was organised by the Centre for Democracy and Development (CDD).
- Dore said that sustained domestic resource mobilisation and utilisation was a sine qua non for driving sustainable broad-based economic growth, development and transformation.
- He said, while Nigeria had embarked on milestone reforms aimed at improving the country’s DRM, large scale illicit financial flows out of the country still required urgent attention.
“Global Financial Integrity 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 during 2001 to 2010.
Source: Daily Indepedent