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African Development Bank Reports: Africa Loses $148 Billion Annually Due to Corruption

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AFDB

Akinwumi Adesina, the President, African Development Bank (AfDB), says Africa loses about $148 billion annually due to corruption.

Adesina, who spoke in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja, said corruption poses a great challenge to development in Africa.

He, however, said that corruption was not unique to Africa, but a global problem.

“Africa loses about $148 billion  a year because of corruption; Africa also loses 60 billion U.S. dollars a year because of illegal capital flow. This is money that should be going into education, health, water and sanitation sectors; wherever you have massive corruption, development takes a back seat and slow things down.

Transparency is the key; detecting corruption is important, but preventing corruption is also important, therefore it is in the interest of Africa to prevent corruption in order to boost economy and development across the continent,’’ he said.

Photo Credit: TVC News

The News Agency of Nigeria (NAN) was established by the Federal Government of Nigeria in May 1976 to gather and distribute news on Nigeria and cover events of interest to Nigeria at the international level for the benefit of the Nigerian Media and the Public.

4 Comments

  1. lol

    December 14, 2015 at 10:57 am

    Guy, why are you telling us BS we know already.

    • nnenne

      December 15, 2015 at 2:10 am

      @lol…He’s telling you to keep you busy, believe it or not, while the looting continues.
      He’s telling you to make you think they are working tirelessly for you, so that you won’t ask reasonably questions like what this administration is actually up to.
      Let the propaganda , mismanagement and looting continue! !!!

  2. Tt

    December 14, 2015 at 11:28 am

    now we will soon see nene+ (or is it minus) coming here to type rubbish

  3. Anothermimi

    December 14, 2015 at 3:37 pm

    The sad part is that half of this might be from Nigeria.

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