Journal of Economics and Development Studies

Nigeria: The Origin of Illicit Financial Flows in Africa
Fred Femi Akinfala PhD

Abstract
The article examines the genesis and persistence of the pernicious losses of resources earned on the African continent in the form of illicit financial flows. Several ways by which these illicit flows occur are dilated upon revealing the phenomenon to be not uniquely but predominantly African in nature. The complicity of actors on the African continent is also underlined and the hydra of corruption is roundly implicated. Even more intractable does the problem seem when both criminal and legitimate influences converge to bleed the continent of her hard earned wealth. A vicious cycle ensues when these resources are loaned back to impoverished nations on the African continent with prohibitive consequences for development. The article also identifies the Nigeria situation as the most significant exemplar of this problem due to the abundance of resources at the mercy of these losses. The developmental impact of these losses is also identified. Finally, the Tax Service was suggested as the key agency capable of checking these loopholes by bringing the illicit flows into the light of transparency and accountability through supervising improvements in interagency cooperation.

Full Text: PDF     DOI: 10.15640/jeds.v6n3a3