Illicit Financial Flows and the Growth of Nigerian Economy
DOI:
https://doi.org/10.20448/811.4.1.13.24Keywords:
Illicit financial flows, International crime, Illegal commercial activities, Corruption, Foreign direct investment, Financial economics.Abstract
Illicit financial flows have in the recent times been a source of worry to the Nigerian government. It is in that light that this study is motivated to examine the relationship between illicit financial flows and the growth of Nigerian economy. Ordinary Least Square Statistical tool was adopted, applying E-View version 9 software to run the analysis. The results show that illicit financial flows via illegal commercial activities have a negative nexus with economic growth in Nigeria with a correlation coefficient of -0.006832. It is equally revealed that with a correlation coefficient of -0.043301, a negative relationship exists between illicit financial flows caused by corruption and economic growth in Nigeria. A negative nexus is reported between illicit financial flows caused by international crime and economic growth in Nigeria as depicted with a correlation coefficient of -0.006675.
