Capital Flight: threat to national development—economist
Abuja, April 2026 (TBL Africa) An economist and data analyst, Daramola Omoyele, says capital flight is a threat to national development and cautioned Nigerian leaders and public office holders against diversion of public resources abroad.
The United Kingdom-based economist said this in an interview with on Wednesday in Abuja.
Omoyele said that Nigeria could not achieve sustainable progress without economic discipline and responsible capital behaviour.
The economist described capital flight as a deep-seated structural problem rather than just a governance failure.
According to him, the siphoning of resources out of the country triggers a domino effect that weakens the entire economic fabric.
“When resources are stolen and taken out of Nigeria, domestic investment is weakened, job creation is reduced, and industrial growth slows down.
“Furthermore, it increases pressure on the naira and disrupts local economic multipliers,” Omoyele said.
He said that every naira removed from the domestic economy breaks the chain of activity that should ideally support local businesses, workers, and communities.
Omoyele used the concept of “economic linkages” to illustrate the impact of capital retention.
Accrding to him, positive economic linkages occur when resources circulate within the country, as businesses grow, demand expands, supply chains deepen, and tax revenues improve.
“When resources are extracted from Nigeria and transferred abroad, they create negative economic linkages.
“Domestic demand is weakened. Productive investment falls. Growth loses momentum. The wider economy becomes more fragile.
“In the long run, this undermines both development and national stability.
“Even from a strictly pragmatic standpoint, capital retained and invested within Nigeria generates far greater socio-economic value than capital exported for private accumulation abroad,” he said.
The analyst said that while corruption is never justifiable, the permanent transfer of funds out of the country was doubly damaging.
“Even where resources have been wrongly acquired, it is still less damaging for them to be invested in productive activity within Nigeria than to be permanently transferred out,” he added.
Omoyele maintained that national development was built on reinvestment, productive circulation and institutions that convert resources into opportunities, rather than extraction.
He urged those in authority to view public office as a position of trust and a platform for stewardship rather than personal gain.
Omoyele called for a renewed sense of “economic patriotism” as a development imperative for the nation.
“Any country that consistently exports its wealth while importing dependency will struggle to achieve broad-based prosperity,” he warned.
He urged political leaders to focus on building credible institutions, supporting local industries, and designing policies that convert national resources into tangible opportunities for all citizens.
