Capital flight: 70% of Nigeria's private wealth is overseas.More than $100bn of the private wealth of Nigeria's citizens is kept overseas, making the country the worst case of capital flight in sub-Saharan sub-Sa·har·an adj. Of, relating to, or situated in the region of Africa south of the Sahara. Adj. 1. sub-Saharan - of or relating to or situated in the region south of the Sahara Desert Africa. This is the conclusion of a study by the United Nations Industrial Development Organisation (UNIDO UNIDO United Nations Industrial Development Organization ). The money is invested in foreign property, vehicles and stock markets. The report warns that having such huge wealth located overseas harms the economy and is a disincentive dis·in·cen·tive n. Something that prevents or discourages action; a deterrent. disincentive Noun something that discourages someone from behaving or acting in a particular way Noun 1. to foreign investment into Nigeria Nigeria (nījĭr`ēə), officially Federal Republic of Nigeria, republic (2006 provisional pop. 140,003,542), 356,667 sq mi (923,768 sq km), W Africa. . It adds that if Nigerians' own wealth could be attracted back into the country there would be scope for economic revival in a country it describes as "the last frontier in the fight against poverty". |
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