The Chairman of the Independent Corrupt Practices and other related Offences Commission (ICPC), Prof. Bolaji Owasanoye, has emphasized that Illicit Financial Flows (IFFs) are significantly depleting Nigeria’s foreign reserves and revenue. Owasanoye made this assertion during a one-day hybrid sensitization workshop in Abuja centered around the recently published “Guidelines for Private Sector Response to Illicit Financial Flow (IFF) Vulnerabilities in Nigeria,” organized by the Commission.
Highlighting the adverse consequences of IFFs, Owasanoye pointed out that these financial activities have led to a depreciation in exchange rates, elevated inflation rates, and an increased burden of servicing external debts. He underlined the adverse ripple effect on the cost of imported goods, particularly petroleum, and its repercussions on the daily lives of citizens.
To combat this challenge and bolster Nigeria’s revenue generation relative to its economy’s size, Owasanoye called for a comprehensive approach to address IFFs in all their forms. He assured that the ICPC is committed to implementing practical measures aimed at curbing IFFs and minimizing capital flight. The Commission aims to enhance Nigeria’s ability to identify vulnerabilities and weaknesses within both public and private sector systems and processes, ultimately strengthening domestic resource mobilization.
The workshop not only sheds light on the significant economic implications of illicit financial flows but also reinforces the ICPC’s commitment to safeguarding Nigeria’s financial stability and ensuring sustainable growth.
As the nation takes strides to address the multifaceted challenges posed by IFFs, experts and stakeholders continue to collaborate towards fostering a more resilient and prosperous economic future for Nigeria.