Illicit Financial Flows and Economic Development in Nigeria

This paper analyzes the trend of illicit financial flows and its impact on economic development of Nigeria between 2005 and 2014. The study finds that IFF had drained Nigeria of billions of Naira of potential development funds. This is in no doubt a contributing factor to underdevelopment in Nigeria over time. Money meant for the provision of education, health facilities, transportation and other critical infrastructures needed to spur economic development had been diverted to other countries thereby leaving a huge gap in the provision of infrastructures in Nigeria. The author advocated for total change of legal system, creation of strong institutions, international collaboration, among others to fight Illicit Financial Flow.