On the invitation of Boshybof Nigeria Limited, in Collaboration with the Federal Inland Revenue Service – FIRS, the Center participated in a Stakeholders’ Forum on Combating Illicit Financial Flows (IFFs). The forum, themed Curbing Illicit Financial Flows as a Catalyst for Economic Growth, convened key stakeholders, with the Center’s Executive Director, Dr. Umar Yakubu emphasizing the urgent need to address IFFs to unlock Nigeria’s economic potential.
Dr. Yakubu noted that IFF, the illicit movement of money across borders through corruption, tax evasion, and trade mis-invoicing, poses a severe threat to Nigeria’s development. The African Union estimates that Africa loses approximately $50 billion annually to IFFs, with Nigeria accounting for nearly 20% of this amount.
These outflows deprive Nigeria of resources critical for healthcare, education, and infrastructure, while fueling inequality and undermining governance. At the Center, we view curbing IFFs as a cornerstone for sustainable economic growth and social justice.
The center believes that by addressing IFFs, Nigeria can mobilize domestic resources, strengthen institutional accountability, attract legitimate investment, and reduce inequality. We urge stakeholders to move beyond dialogue and commit to actionable strategies that deliver measurable results.
We remain committed to our mission to combat IFFs and promote fiscal integrity, as we call on all stakeholders to sustain the momentum and work collectively toward a future where Nigeria’s resources serve its people.