Nigeria lost a staggering $77.7 billion to trade-related illicit financial flows between 2013 and 2022, according to a new report by Global Financial Integrity (GFI). The losses were largely driven by trade misinvoicing—under-declaring exports or inflating imports to move money illegally across borders.
The report ranks Nigeria among Africa’s top countries affected by illicit financial flows, despite being the continent’s largest economy and top oil producer. While South Africa led the continent with over $478bn in trade value gaps, Nigeria’s capital flight remains a major concern, particularly within the oil sector.
GFI noted that persistent trade leakages weaken economic sovereignty, reduce government revenue, and limit investment in critical sectors like infrastructure, health, and education. Nigeria also ranked second in trade-related illicit flows with advanced economies, recording $29.7bn, mainly from oil trade with the US and Europe.
The findings reignite concerns about transparency, trade monitoring, and financial governance in Nigeria’s external trade system.
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