- African Union (AU) estimates $140 billion loss per year
- Corruption a common factor
The Centre for International Private Enterprise (CIPE) has said that Africa loses billions of dollars to corruption yearly. Speaking at the Africa Business Ethics Conference (ABEC) in Lagos, the Executive Director, CIPE, Andrew Wilson said the amount lost to corruption in Africa can “ensure 24 hours uninterrupted power supply to every citizen in Africa for three years”. Mr. Wilson stated that the African Union loses $140 billion to corruption yearly.
The President of the Lagos Chambers of Commerce and Industry (LCCI), Mrs. Toki Mabogunje who spoke at the Conference lamented the effects of corruption on the development. She said, “The Sub Saharan African region ranks lowest among global regions in the Corruption Perception Index (CPI) with an average CPI score of 32 out of 100″. Mrs. Mabogunje urged for African leaders to seek “Regional cooperation and development of regionally agreed legal mechanisms to address these problems”.
The theme of the Conference was “Tackling Corruption to Reduce Poverty and Unemployment in Africa: A Necessity for Building Resilience to Global Risks”.