Nigeria, OECD partner to curb illicit financial flows
The Ministry of Finance has announced a strategic partnership with the Organisation for Economic Co-operation and Development (OECD) to combat illicit financial flows and reinforce Nigeria’s economic structure.
This was disclosed in a statement titled “OECD Deepens Economic Ties with Nigeria”, posted on the Ministry of Finance’s X platform on Tuesday, 25 March 2025.
The OECD underscored its increasing engagement with Africa through collaborations with the African Union, regional economic groups, and direct country-level initiatives.
The alliance was formalised during a courtesy visit by Carlos Conde, Head of the Middle East and Africa Division at the OECD, to Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
Nigeria was identified as a pivotal partner in West Africa, with discussions centred on key economic priorities such as capital market development, regional integration, sustainable finance, and investment in human capital.
“Discussions covered Nigeria’s economic priorities, including capital market growth, regional cooperation, tackling illicit financial flows, sustainable finance, and investment in human capital,” the statement read.
The OECD also outlined its technical support initiatives, which include assistance in digital transformation, governance, and statistical system improvements.
Edun welcomed the collaboration, stressing the significance of harmonised data systems in driving reforms, attracting investments, and creating opportunities for Nigeria’s young population.
In January, Minister Edun praised President Bola Tinubu for introducing critical reforms that have stabilised Nigeria’s economy and restored 5% of GDP previously lost to inefficiencies.
Speaking at the World Economic Forum in Davos, Edun pointed out that the removal of excessive subsidies and the adoption of market-driven pricing mechanisms for petroleum products and foreign exchange had been instrumental in achieving this progress.
“These measures have paved the way for the return of foreign direct investments,” Edun stated, citing major commitments from Shell and TotalEnergies, which have announced investment plans worth $5 billion and $3 billion, respectively. These developments signal renewed confidence in Nigeria’s economic prospects.
In December 2024, Edun led a delegation to the Kingdom of Saudi Arabia on behalf of President Tinubu and the Presidential Economic Coordination Council to reinforce economic ties, with a focus on improving export credit systems, insurance frameworks, and market access between the two countries.
The minister remarked, “What we have secured is foreign exchange. What we have achieved is employment for Nigerians.”
