The Nigeria Extractive Industries Transparency Initiative has said $18 billion of revenue expected to address the nation’s under-development is diverted yearly in illicit financial flows .
These funds usually disappear from records in the country of origin, and earnings on the stock of IFFs. In a similar vein, NEITI has rated Nigeria as the first Anglophone African country to attain transparency standard. The initiative, founded in 2013, is a global standard for the good governance of oil, gas and mineral resources. It equally seeks to address the key governance issues in the extractive sectors.
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