{"id":33030,"date":"2020-09-29T09:42:43","date_gmt":"2020-09-29T09:42:43","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=33030"},"modified":"2020-09-29T09:42:52","modified_gmt":"2020-09-29T09:42:52","slug":"nigeria-accounts-for-46-of-illegal-money-outflow-from-africa-80-from-west-africa-unctad","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=33030","title":{"rendered":"Nigeria accounts for 46% of illegal money outflow from Africa, 80% from West Africa \u2013UNCTAD"},"content":{"rendered":"\n
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Nigeria is responsible for an estimated 46% of the $89 billion illegal money outflow<\/a> from Africa, typically stolen funds and money from tax evasion that leave the continent, a United Nations Conference on Trade and Development (UNCTAD) report said on Monday.<\/p>\n\n\n\n

That amount exceeds the development aid Africa receives from the rest of the world.<\/p>\n\n\n\n

UNCTAD\u2019s Tackling Illicit Financial Flows for Sustainable Development in Africa<\/em>, which based its verdict on average estimates for 2013-2015, observed that capital flight<\/a> hit its record high in Africa\u2019s largest economy in 2013, when $45.5 billion or $264 per capita left was lost.<\/p>\n\n\n\n

Put differently, each citizen lost $264 of their share of national wealth, standing at\u00a0$2,998.07<\/a>\u00a0that year, when the Gross Domestic Product (GDP) was $515 billion and the population was estimated at\u00a0171.3 million<\/a>.<\/p>\n\n\n\n

Capital flight in Nigeria soared to 8.8% of GDP in 2013 as well as in 2015; the phenomenon persisted even though a moderate drop was recorded, on the back of plunging oil prices, according to UNCTAD.<\/p>\n\n\n\n

The implication is that it triggers difficulty in pursuing social development, structural advancement, diversification of the economy, closing up of the yawning inequality gap and alleviation of penury.<\/p>\n\n\n\n

The Nigerian economy also saw oil export misinvoicing, a situation where the value of exports from a country to its trading partners varies substantially from the value of imports from such partners, rise to $44 billion between 1996-2014.<\/p>\n\n\n\n

By the same token, oil import misinvoicing within the same period climbed to $45 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nigeria is responsible for an estimated 46% of the $89 billion illegal money outflow from Africa, typically stolen funds and money from tax evasion that leave the continent, a United Nations Conference on Trade and Development (UNCTAD) report said on Monday. That amount exceeds the development aid Africa receives from the rest of the world. UNCTAD\u2019s Tackling Illicit […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[3,35],"tags":[],"yoast_head":"\nNigeria accounts for 46% of illegal money outflow from Africa, 80% from West Africa \u2013UNCTAD » WatchDog Plus Media<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/watchdogplusmedia.com\/?p=33030\" \/>\n<meta name=\"author\" content=\"Odofin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/watchdogplusmedia.com\/?p=33030#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/watchdogplusmedia.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Crime\",\"item\":\"https:\/\/watchdogplusmedia.com\/?cat=3\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Nigeria accounts for 46% of illegal money outflow from Africa, 80% from West Africa \u2013UNCTAD\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Nigeria accounts for 46% of illegal money outflow from Africa, 80% from West Africa \u2013UNCTAD » WatchDog Plus Media","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/watchdogplusmedia.com\/?p=33030","author":"Odofin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=33030#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/watchdogplusmedia.com\/"},{"@type":"ListItem","position":2,"name":"Crime","item":"https:\/\/watchdogplusmedia.com\/?cat=3"},{"@type":"ListItem","position":3,"name":"Nigeria accounts for 46% of illegal money outflow from Africa, 80% from West Africa \u2013UNCTAD"}]}]}},"rttpg_featured_image_url":null,"rttpg_author":{"display_name":"Odofin","author_link":"https:\/\/watchdogplusmedia.com\/?author=2"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/watchdogplusmedia.com\/?cat=3\" rel=\"category\">Crime<\/a> <a href=\"https:\/\/watchdogplusmedia.com\/?cat=35\" rel=\"category\">Finance<\/a>","rttpg_excerpt":"Nigeria is responsible for an estimated 46% of the $89 billion illegal money outflow from Africa, typically stolen funds and money from tax evasion that leave the continent, a United Nations Conference on Trade and Development (UNCTAD) report said on Monday. That amount exceeds the development aid Africa receives from the rest of the world. UNCTAD\u2019s Tackling Illicit…","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/33030"}],"collection":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=33030"}],"version-history":[{"count":-4,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/33030\/revisions"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33030"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33030"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33030"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}