Maritime Nigeria

Main Menu

  • Home
  • News
  • Interviews
  • Maritime Info
  • Photo Gallery
  • Fact
  • Profiles

logo

Header Banner

Maritime Nigeria

  • Home
  • News
    • Maritime Academy: A Very Critical National Asset-Dr. Okonna

      Jul 31, 2025
      0
    • "Efficient Sea Ports Crucial To Africa's Economic Growth"-Dr. Dantsoho

      Jul 30, 2025
      0
    • Nigeria's IMO Council Bid Gains Traction With MOWCA Executives

      Jul 30, 2025
      0
    • Customs Urge Nigerians To Comply With Visa Regulations

      Jul 30, 2025
      0
    • "MAN A Pivotal Institution For The Blue Economy" Senator Eshinlokun

      Jul 29, 2025
      0
    • Nigeria Customs Set To Recover ₦379.5Billion From 223 Companies

      Jul 25, 2025
      0
    • Seme Command Records N1.5b Revenue, Makes N1.2b Seizures

      Jul 24, 2025
      0
    • SON Celebrate Inuwa As Board Chairman

      Jul 21, 2025
      0
    • "How JournalNG Emerged Best Maritime Magazine"-Kagbare

      Jul 21, 2025
      0
  • Interviews
    • Nigeria Takes Leadership Of MOWCA

      Nov 18, 2021
      0
    • APM Participates in UK Trade Expo

      Oct 31, 2021
      0
    • Reps Seek Admission at MAN

      Dec 7, 2020
      0
    • NIMASA URGE SHIP OWNERS TO RENEW CABOTAGE LICENSES

      Oct 5, 2020
      0
    • FG Sacks Aboloma As NAIC Gets New EDs

      Aug 28, 2020
      0
    • Britain Celebrate Nigerian In Covid Efforts

      Jul 26, 2020
      0
    • Zuckerberg Backs Trump Against Twitter

      May 28, 2020
      0
    • NAFDAC DG Sheds Light On Chloroquine, Herbals, Masks and Covid19

      May 12, 2020
      0
    • Reps Threaten MDAs

      Feb 24, 2020
      0
  • Maritime Info
    • 2023 POP: Minister Task Cadets On Blue Economy

      Dec 15, 2023
      0
    • Rector, Trainees Excited, Laud FG On Modern Academy

      Jan 26, 2023
      0
    • Buhari Redeploys Minister As NPA, NIMASA, MAN, Others Get New Boards

      Apr 7, 2022
      0
    • World Bank Endorse Nigerian Ports, Partners Navy On Capacity Building

      Mar 19, 2022
      0
    • NIMASA Commend Nigerian Navy, Reassures On Floating Dock

      Feb 9, 2022
      0
    • MAN Unveils Lighthouse For Training of Cadets

      Jan 27, 2022
      0
    • shipping

      Singapore Strait Dangerous To Shipping-ReCAAP

      Jan 24, 2022
      0
    • Lekki Deep Sea Port Will Increase Port Efficiency-Amaechi

      Jan 24, 2022
      0
    • Fair Competition: NSC Partners FCCPC For Effectiveness

      Jan 21, 2022
      0
  • Photo Gallery
    • SERAP Calls for Probe of Entire Privatization Processes 1999-2011

      Dec 4, 2017
      0
    • IMO Election: South Africa, Kenya, Liberia, Morroco and Egypt Make Category C

      Dec 2, 2017
      0
    • Maersk Ship on Fire as Coy Launches Six Container Lifting Tech

      Nov 2, 2016
      0
    • Captured Seafarers Languish In Captivity without Ransom

      Nov 1, 2016
      0
    • Niger Delta: Militants Ask FG to Include Former Agitators in Negotiations

      Nov 1, 2016
      0
    • Self-Audit: NIMASA Set to Review 3% Freight Charge

      Nov 1, 2016
      0
    • Recession: Japanese Shipping Companies to Merge

      Oct 31, 2016
      0
    • NSC Partners ICS on Capacity Building

      Oct 31, 2016
      0
    • AGAIN, APAPA CUSTOMS SURPASS MONTHLY TARGET WITH N33B COLLECTION

      Oct 5, 2016
      0
  • Fact
    • Maritime Police Boss Celebrate Workers

      May 1, 2025
      0
    • “VIN Is A Trade Tool, Not Punitive”-Customs

      Mar 2, 2022
      0
    • Blackmailers, False Publishers and Their Agents: Court Clears Rector

      Feb 18, 2022
      0
    • MAN Unveils Lighthouse For Training of Cadets

      Jan 27, 2022
      0
    • "APM Terminals Is Beyond Moving Boxes Around"-Laursen

      Jan 24, 2022
      0
    • MWUN: Welfare, Safety Our Priority-Adeyanju

      Dec 27, 2021
      0
    • Reversing the Trend: Koko Breaks Record at NPA

      Dec 24, 2021
      0
    • Minister Demands More From MAN At Passing Out Parade

      Dec 20, 2021
      0
    • MARITIME NIGERIA TASK NIMASA ON MARITIME DEVELOPMENT

      Dec 15, 2021
      0
  • Profiles
    • CMA CGM Brings AI Onboard

      Jun 5, 2018
      0
    • Customs Notify 577 Officers of Retirement by Eguono Odjegba

      Jan 12, 2018
      0
    • Over 100 Persons Feared Dead in Mediterranean Ship Wreck

      Nov 3, 2016
      0
    • Ballast Water: Panama Signs Up

      Oct 24, 2016
      0
    • Ist Half Report: Customs generate N385.7bn revenue

      Aug 15, 2016
      0
    • Minister/MD Speeches at the Launch of NPA's CCCIS

      Jul 23, 2016
      0
    • Face off Imminent as Dakuku Warn IOCs to Sit Up or Stay ...

      Jul 22, 2016
      0
    • Hadiza, Welcome to NPA

      Jul 16, 2016
      0
    • Habib Abdullahi Sacked Again from NPA

      Jul 12, 2016
      0
  • Maritime Academy: A Very Critical National Asset-Dr. Okonna

  • “Efficient Sea Ports Crucial To Africa’s Economic Growth”-Dr. Dantsoho

  • Nigeria’s IMO Council Bid Gains Traction With MOWCA Executives

  • Customs Urge Nigerians To Comply With Visa Regulations

  • “MAN A Pivotal Institution For The Blue Economy” Senator Eshinlokun

News
Home›News›AFRICA LOSES $90b TO IFF-UNCTAD

AFRICA LOSES $90b TO IFF-UNCTAD

By Editor
Oct 10, 2020
983
0
Share:

Nigeria, Egypt and South Africa Vulnerable

Minerals and extractives are the major contributors to illicit financial flows (IFFs) in Africa, robbing the continent of almost $88.6 billion annually in outflows.

The United Nations Conference on Trade and Development (UNCTAD) in its report released this week estimates the total illicit capital flight has surpassed what the continent receives in developing aid annually.

Cumulatively, the total IFFs reached $836 billion in the first 15 years of this century representing a major drain on capital revenue in Africa which is derailing its efforts of achieving Sustainable Development Goals.

  1. “Illicit financial flows rob Africa of prospects, undermining transparency and accountability and eroding trust in African institutions,” said UNCTAD Secretary-General Mukhisa Kituyi during the launch of the report on Monday.

UNCTAD defined these outflows to include illicit capital flight, tax and commercial practices like mis-invoicing of trade shipments, illegal markets, corruption, or theft.

The largest component of illicit capital flights from Africa, $40 billion in 2015, was related to extractive commodities with more than three-fourths of it being from gold diamonds and platinum.

The report on Tackling Illicit Financial Flows (IFF) for Sustainable Developments in Africa said movements of high-value extractive commodities are mostly prone to smuggling compared with agricultural products with gold leading at 77 per cent followed by diamonds and platinum at 12 and 6 per cent respectively.

The report notes increased smuggling cases of rare earth minerals in the past five years which can only be curbed through improved minerals governance and sharing of vital information regarding mineral deposits which requires comprehensive geological surveys.

Partners in crime

“The scarcity of available geological information in Africa and the resulting information asymmetry between mining companies that have the means to acquire private information about reserves and governments makes the extractive sector prone to illicit outflows.”

The survey raised concern over increasing uncertainty with regard to the quality of African trade statistics, especially for intra-African trade with 45 out of 54 African countries willing to report trade data in a continuous manner.

According to UNCTAD estimates, Nigeria, Egypt and South Africa accounted for more than four-fifths of the total illegal capital outflows annually with Nigeria alone making up nearly half of that.

Loopholes in many tax treaties in Africa has been identified as the main global enabler of illicit financial flows which is leaving countries vulnerable to tax avoidance with inadequate standards for investment treaties continuing to risk a race to the bottom to attract FDI.

Secrecy-based tax havens and non-cooperative jurisdictions provide critical services that enable abusive tax avoidance and tax evasion.

The tax havens are particularly attractive to high-net-worth individuals which estimates loss amounting to 2.5 per cent of total tax revenue in Africa.

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • More
  • Click to share on WhatsApp (Opens in new window)
  • Click to share on Telegram (Opens in new window)

Related

Previous Article

Gulf of Guinea Security: NIMASA, NIWG Intensify ...

Next Article

Nigerian Govt, South Korea and Belgium Partner ...

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

Related articles More from author

  • News

    RAILWAYS: General Electric to Invest Over $2b

    May 25, 2017
    By Editor
  • News

    Shippers Council Calls For Transparency In Port Operations

    Jul 12, 2024
    By Editor
  • News

    N19.7b NIMASA Fraud: Winners Chapel, Others Named as Beneficiaries

    Feb 17, 2017
    By Editor
  • News

    PEBEC And NPA Collaborate On Port Efficiency-Launch PCEC

    Apr 24, 2025
    By Editor
  • News

    Sowore Gets Govt N200k

    Feb 13, 2020
    By Editor
  • News

    Military Launch War Against Pirates in GoG

    May 31, 2018
    By Editor

Leave a Reply Cancel reply

  • Customs OperationsNews

    “When Beggars Die”- A Tribute to DCG Umar By Compt. Dera Nnadi

  • FactFeaturedNews

    NIMASA REASSURES SECURITY ON NIGERIAN WATERS

  • FeaturedMaritime InfoNews

    Ocular Vision Simulator: Is the Academy On Course?

Looking For Something?

Read From

  • Agriculture
  • Customs Operations
  • Fact
  • Featured
  • Interviews
  • Maritime Info
  • News
  • One Question
  • Photo Gallery
  • Profiles
  • sports

Just In

News

Maritime Academy: A Very Critical National Asset-Dr. Okonna

As MAN Trains 4, 595 Professionals, Restores Connection to National Grid, Begins Rewiring The Acting Rector, Maritime Academy of Nigeria, MAN, Oron, Dr. Kevin Okonna, has again emphasized the critical ...
  • “Efficient Sea Ports Crucial To Africa’s Economic Growth”-Dr. Dantsoho

    By Editor
    Jul 30, 2025
  • Nigeria’s IMO Council Bid Gains Traction With MOWCA Executives

    By Editor
    Jul 30, 2025
  • Customs Urge Nigerians To Comply With Visa Regulations

    By Editor
    Jul 30, 2025
  • “MAN A Pivotal Institution For The Blue Economy” Senator Eshinlokun

    By Editor
    Jul 29, 2025
  • Home
  • About Us
  • Contact Us
© 2013 Maritime Nigeria | All Rights Reserved