At the Pan-African Conference on Illicit Financial Flows and Taxation, Nigeria's EFCC chair Olanipekun Olukoyede emphasized the role of blockchain and AI in combating Africa's annual loss of $88.6 billion due to illicit financial flows.

Blockchain and AI Highlighted as Key Tools to Recover Billions Lost to Illicit Financial Flows in Africa

The financial watchdog chair stated that the funds could considerably improve infrastructure, healthcare, and education throughout the continent if they were to be recovered.

According to Cointelegraph, Olanipekun Olukoyede, the chairperson of Nigeria's Economic and Financial Crimes Commission, has emphasized the potential of blockchain technology and artificial intelligence (AI) to combat illicit financial flows (IFFs) in Africa.

At the Pan-African Conference on Illicit Financial Flows and Taxation, Olukoyede emphasized the $88.6 billion annually that African countries lose due to IFFs, as reported by local media.

The African Union's foremost annual forum is the conference. It convenes stakeholders from all over Africa to deliberate on taxation and IFFs. This conference enables the exchange of strategies, best practices, and insights to confront the challenge of IFFs.

The financial monitor chair emphasized the importance of establishing robust legal frameworks and capacity building at the national, regional, and international levels. Olukoyede promoted the integration of cutting-edge technologies, including artificial intelligence, blockchain, and data analytics, to improve asset tracking and recovery efforts.

The financial watchdog chair stated that the funds could considerably improve infrastructure, healthcare, and education throughout the continent if recovered. He cited successful recoveries, such as the $311 million repatriated from the United States in 2020 and associated with former Nigerian dictator Sani Abacha, as an example of practical international cooperation.

Olukoyede emphasizes the necessity of robust advocacy to ensure that tax havens and low-tax jurisdictions cooperate in practical anti-corruption efforts; therefore, international pressure is necessary.

Nigeria Strengthens Blockchain and AI Integration to Enhance Security and Technological Adoption

Nigeria has recently implemented measures to integrate AI and blockchain technology.

Nigeria's National Information Technology Development Agency (NITDA) restructured the National Blockchain Policy Steering Committee (NBPSC) in May to reevaluate the policies governing the implementation of the country's National Blockchain Policy.

The review is a component of the organization's ongoing endeavors to remain informed about blockchain advancements and broaden its appeal by involving a broader range of stakeholders, fostering successful execution and comprehensive adoption.

NITDA promoted the integration of artificial intelligence into Nigeria's security framework in April to enhance the quality of the results. According to the agency's Director General, Kashifu Inuwa, the security and IT sectors have the potential to improve the security sector by utilizing technologies such as AI and the Internet of Things (IoT).

Through initiatives such as the National Centre for Artificial Intelligence and Robotics and the development of a National Artificial Intelligence Policy, the NITDA is fostering the growth of AI in Nigeria.

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