Capital Flight. The Hidden Hand in Nigeria's Economic Destruction

Seminar paper from the year 2019 in the subject Economics - International Economic Relations, University of Nigeria, course: ECONOMICS, language: English, abstract: This paper deals with the composition and constituents of capital flights, its implications as well as theoretical expositions and praxis. Virtually, all macroeconomic sage, as well as, most scintillating economists stress that Nigeria's economic somnambulism and financial crunch is consequent upon the following; dwindling of oil price in the international market, undiversified economy, unchecked inflation, high rate of unemployment and a little emphasis on the adverse effect of exchange rate volatility on economic growth, without a clear consideration of how capital flight contributes to the economic mess in Nigeria. Put differently, many scholars have actually exposed how the aforementioned macroeconomic variables are responsible for economic melt-down, but, the backwash of illegal financial exodus (capital flight) on the effeteness of Nigerian economy appears to have been jettisoned. Capital flight, no doubt, had remained conceptually an elusive phenomenon. This is because it seems unclear what differentiates capital flight from normal capital outflows. So, capital flight is one of the terms that suffer from problems of definition and is therefore prone to various interpretations and applications. In fact, so confused is the term that many researchers in international economics, in attempting to give empirical support become guilty of the concept and as a result thrive on barefoot empiricism and outlandish intellectual circumvention.

Ugwuja Chinonso Oliver (ACIEHS, ACICRM, GNIM) is a multidimensional economist, Business Analyst, Banker, Chartered Manager certified by the Nigerian Institute of Management, and a passionate teacher. He has been a research consultant since 2016 with over five published research papers. Chinonso is proficient in statistical and econometric modeling with special skills in using E-VIEWS, STATA, SPSS, EXCEL, and other software. His position has been beneficial to many scintillating researchers in economics and other related disciplines. His passion in teaching has helped students to acquire indelible knowledge that has helped them scale through their public examinations. His Banking, Management, and Audit profession has continuously helped companies grow their revenues and increase their customer base. His writing skills have attracted sponsorship to a lounge where he worked as an inventory controller/internal auditor. Chinonso studied economics at the University of Nigeria. He obtained a Second-Class Upper Division Level (Magnum Cum Laude) and was honored as a policy critic of the year 2017. He obtained the West African Examinations Certificate (WAEC) with excellent results, at Saint Teresa's College, Nsukka in 2012. His passion for educational advancement and contributing to the development of the global economy by imparting knowledge to others and helping SMEs to grow compelled him to take online courses and obtain Graduate Diploma in Digital Marketing and Customer Relationship Management (CRM). Chinonso has diverse professional careers in banking, research, teaching, and business. He contributes to helping both existing and newly established businesses to grow so that employment in this sector will be secure and lucrative as well. Chinonso has partnered partners with Formazione Business School as a facilitator for Skill Acquisition and Entrepreneurship Development (SAED), where he trained business owners in various skills such as Accounting and business management. Chinonso is a volunteer with the Financial Inclusion and Literacy Group where he helped petty traders to obtain low-interest loans to fund their business ideas. These notwithstanding, he seeks national & international exposure and opportunities to contribute to the growth of global economy.