A report by Global Financial Integrity (GFI) reveals that Nigeria experienced $77.7 billion in losses due to trade misinvoicing between 2013 and 2022. This figure ranks among the highest on the African continent. Trade misinvoicing involves falsifying the price, quantity, or quality of goods on invoices to move money illicitly across borders.
The report highlights the significant impact of these illicit financial flows on Nigeria’s economy, affecting government revenues and development funding. Efforts to address trade misinvoicing are critical to improving financial transparency and economic stability in the country.
**Why this matters**
Illicit financial flows undermine economic growth by reducing the resources available for public services and infrastructure. For Nigeria, combating trade misinvoicing is essential to ensuring fair trade practices and enhancing the effectiveness of economic policies aimed at sustainable development.
Source: NewsData