The article unpacks computations of figures from the GFI report in which ECOWAS is said to be losing some $268 billion to illicit financial flows (IFFs) within a 10 year period from 2004 to 2013, .The region with a population of about 335 million people, which is about one-third of the population of sub-Saharan Africa, has an estimated GDP of around $345 billion. The loss is therefore, approximately a colossal 78 per cent. Nigeria suffers the biggest hit, with a loss of over $178 billion within that period. The menace of illicit financial flows from Africa in general is a major source of leakage of much needed funds for development. With the continent losing an estimated $50 to $60 billion a year, the need to initiate a more purposeful effort at curbing the flows is more urgent than ever – more importantly, as the countries in the region are aiming at meeting the Sustainable Development Goals, while grappling with growing debts.
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