The Federal Ministry of Finance has announced a strategic partnership with the Organisation for Economic Co-operation and Development to tackle illicit financial flows and enhance Nigeria’s economic framework.
The collaboration was formalized during a visit by Head of the Middle East and Africa Division at OECD, Carlos Conde, to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The discussions focused on Nigeria’s economic priorities, such as capital market expansion, regional integration, sustainable financing, and human capital investment.
According to a statement on the Ministry of Finance’s official X account, Nigeria plays a critical role in West Africa, and the OECD is committed to strengthening its participation in Africa through collaborations with the African Union, regional blocs, and direct country-level efforts.
“Discussions focused on Nigeria’s economic priorities, including capital market development, regional integration, curbing illicit financial flows, sustainable finance, and investment in human capital,” the statement read.
The OECD also outlined its technical support offerings, including assistance in digitalization, governance, and statistical systems.
Welcoming the collaboration, Edun underscored the need for harmonized data systems to drive reforms, attract investment, and create opportunities for Nigeria’s youth.
He stressed that credible economic data would strengthen governance, improve transparency, and support long-term economic growth.
This collaboration is in harmony with Nigeria’s continual initiatives to fight against tax avoidance and foster a more just tax framework.
In October 2023, the nation supported a United Nations vision for an all-embracing UN Tax Convention designed to tackle illegal financial activities and create a fairer tax environment.
Edun further laid emphasis on Nigeria’s recent economic alterations, which he attributed to improving economic stability and reclaiming 5% of the country’s GDP that had been lost due to inefficiencies.
Speaking at the World Economic Forum in Davos earlier this year, he praised President Bola Tinubu’s decisive policies, including the removal of wasteful subsidies and the adoption of market-driven pricing mechanisms for petroleum products and foreign exchange.
“These steps have set the stage for the return of foreign direct investments,” Edun stated, referencing major commitments from Shell and TotalEnergies, which recently announced $5 billion and $3 billion investment plans, respectively.
Beyond working with the OECD, Nigeria has been proactively seeking out global allies to strengthen its economic progress.
In December 2024, Edun represented President Tinubu and the Presidential Economic Coordination Council by leading a team to Saudi Arabia.
The talks centered on improving export credit, insurance systems, and expanding market opportunities between the two countries.
“What we have brought back is foreign exchange. What we have brought back is jobs for Nigerians,” Edun affirmed, stressing the visible gains of these global engagements.
By working with the OECD and other global partners, Nigeria aims to reinforce its financial oversight, reduce illegal capital outflows, and promote sustainable economic development through improved governance and technical support.