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Impact of Illicit Financial Flow on Economic Growth and Development: Evidence from Nigeria

Author

Listed:
  • Amah Kalu Ogbonnaya

    (Department of Accounting Michael Okpara University of Agriculture, Umudike)

  • Okezie Stella Ogechuckwu

    (Department of Accounting Michael Okpara University of Agriculture, Umudike)

Abstract

This paper assessed the impact of illicit financial flow on economic growth and development in Nigeria. Data was sourced from the statistical bulletin of the Central bank of Nigeria and Global Financial Integrity estimates of illicit financial flows. Time series data from 1980-2015 was used. The variables were tested for unit root and co-integration and were found to have a long run relationship. The results further indicated that illicit financial flows had a significant impact both on economic growth and development. The study among others recommends that government of Nigeria and indeed other African countries must lobby developed nations to adopt control so that individuals who move funds out of Nigeria into tax havens and secrecy jurisdictions can be exposed. It was also recommended that African states and indeed Nigeria, in particular, must develop customs capacity in order to fight the massive outflows of capital through illicit practices.

Suggested Citation

  • Amah Kalu Ogbonnaya & Okezie Stella Ogechuckwu, 2017. "Impact of Illicit Financial Flow on Economic Growth and Development: Evidence from Nigeria," International Journal of Innovation and Economic Development, Inovatus Services Ltd., vol. 3(4), pages 19-33, October.
    • Handle: RePEc:mgs:ijoied:v:3:y:2017:i:4:p:19-33
    DOI: 10.18775/ijied.1849-7551-7020.2015.34.2002
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    Citations

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    Cited by:

    1. YENLIDE, Tchablemane, 2021. "Corruption et sorties illicites de capitaux dans les pays de l’Afrique subsaharienne: La démocratie compte-elle vraiment? [Corruption and Illicit Capital Outflows in Sub-Saharan Africa: Does Democr," MPRA Paper 110750, University Library of Munich, Germany.
    2. Valentine Igbinedion Osayi & Emmanuel Ken Hilary Idume, 2024. "Illicit Financial Flow And Economic Development In Nigeria," Journal of Academic Research in Economics, Spiru Haret University, Faculty of Accounting and Financial Management Constanta, vol. 16(2 (July)), pages 428-443.
    3. Désiré Avom & Louis de Berquin Eyike Mbongo, 2020. "La diffusion des TIC ameliore‐t‐elle qualitativement les institutions politiques en Afrique?," African Development Review, African Development Bank, vol. 32(3), pages 419-431, September.

    More about this item

    Keywords

    Illicit financial flows; Economic Growth; Globalization; Cross-Border;
    All these keywords.

    JEL classification:

    • M00 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - General - - - General

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