Nigeria, South Africa and other African countries have been projected to be losing as much as $90 billion to illicit financial flows annually.
This is according to the Chief Economist and Vice President, African Development Bank (AfDB), Prof. Kevin Urama who noted that much more is lost in illicit resource flows and resource theft, poorly implemented fiscal policy incentives, and excessive dependence on commodity exports for foreign exchange earnings.
This is even as he stated that the leakage exposes countries to highly volatile global market prices and highly vulnerable supply chains.
