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The purpose of this study is to determine the extent illicit flows affect the oil and gas revenue generation in Nigeria specifically the activities concerning oil theft.

A qualitative approach using a systematic quantitative assessment technique was used to select peer-reviewed articles and reports that discussed crude oil theft in Nigeria. This was followed by the use of empirical evidence and content analysis.

Crude oil theft in Nigeria accounts for 10% of illicit financial flows (IFFs) from Africa annually and this amounts to US$6bn annually.

Oil theft is a new subject area of public policy and academic research; data, secondary literature and peer-reviewed journal articles are limited. This paper was from the public sector perspective only.

This study is one of the few works to highlight the connection between crude oil theft and IFFs.

This paper aims to critically review the strategies for prevention of illicit financial flows to and from developing countries with a view of ascertaining the most effective strategies to be selected and implemented by developing countries to stem the scourge.

The peer-reviewed journal articles were studied; those that discussed illicit financial flows were selected and reviewed critically using the systematic quantitative assessment techniques together with an output table.

The critical review deduced that enacting effective trade laws, trade regulations, creating a beneficial ownership registry, multinational companies disclosing information on business, automatic exchange of information on tax issues, the Financial Action Task Force 40 guidelines on anti-money laundering and countering financing of terrorism and domestic and international cooperation are the most reliable strategies that should be implemented by developing countries.

The wide geographic scope of developing countries, use of only high-quality databases that restricted the use of other articles and use of public sector perspective are the limitations for this paper.

This study is amongst the limited works to discuss the most reliable and effective strategies to prevent illicit financial flows in developing countries.