GENEVA – UN Conference on Trade and Development (UNCTAD ) economists say the vast sums of money flowing out of Africa through illegal, corrupt practices are undermining progress made by African countries to achieve the UN’s Sustainable Development Goals (SDGs) by 2030.
UNCTAD’s just released Economic Development in Africa Report 2020 estimates illicit financial flows out of Africa are costing the continent $89 billion annually.
The economists say the scale and scope of illicit capital flight, which is equivalent to 3.7 percent of Africa’s gross domestic product, and the economic consequence of COVID-19, threaten to reverse gains made in health, education and other areas.
Nigerian Vice President, Oluyemi Osinbajo warned that the illicit financial flows out of Africa also undermine the foundations of democracy, provide financial incentives for terrorist activities, and fuel conflict on the continent.
“The enormity of efforts required to tackle illicit financial flows is evidenced in the
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