Business
‘Africa Loses $148bn To Corruption Annually’
As President Muhammadu Buhari prepares to make a presentation on corruption in Africa, report says the continent loses $148 billion a year to the scourge.
The Executive Secretary of the United Nations Economic Commission for Africa (UNECA), Mr. Vera Songwe, said yesterday that the money was lost through various fraudulent activities.
Songwe said this while addressing the 32nd ordinary session of the Executive Council of the African Union (AU) summit in Addis Ababa.
She said: “$148 billion are drained out of the continent through various corrupt activities, and the acts represent about 25 per cent of Africa’s average GDP.”
She said corruption is the major source and elements of financial flows which drains tremendous resources from the continent.
The continent loses between $50 billion and $80 billion a year due to illicit financial flows, said Songwe quoting a report of president Mbeki’s high-level panel on illicit financial flow (IFF).
For the continent that desperately requires substantial financial resources to meet its extensive development needs, including in filling its huge infrastructure gap, such a significant amount of financial resources leakage through IFF and various forms of corrupt practices is definitely something that needs to be fought with every energy that can be mustered, she added.
Songwe went on to say that Africa’s development has been in sharp decline over the past several years, and domestically generated resources are expected to play a more prominent role in Africa’s development, including in meeting the 2030 sustainable development goals and the aspirations embodied in Agenda 2063.
According to Songwe, Africa will register an average economic growth of 3.5 and 3.7 this year and next year amid high prevalence of poverty at about an average of 40 percent.
The ECA Executive Secretary also said the growth will be supported by more favourable domestic conditions, including the restoration of oil production in a number of countries and the expected recovery, in 2018 and 2019, of the economies of Egypt, Nigeria and South Africa, Africa’s three largest economies.
“However, adjusting for population growth, the projected economic growth remains inadequate for Africa to make significant progress towards the sustainable development goals (SDGs), in particular the eradication of poverty and hunger. Although the poverty level is reducing, it is still intolerably high at about an average of 40 percent for the continent,” she added.
Songwe spoke of the need to upscale efforts at structural reforms, for prudent economic management and promoting regional integration.
The foreign ministers are expected to deliberate on the different items, including the implementation of the Assembly Declaration including that on the Single African Air Transport Market (SAATM); the implementation Agenda 2063; the African Candidatures in the International System; the progress report on the International Criminal Court (ICC), among others.
High moments during the Executive Council meeting will feature the election and appointment of the 10 members of the Peace and Security Council; and that of one Member of the Advisory Board on Corruption; and the election of two members of the Pan-African University Council.
Buhari will depart for Addis Ababa in Ethiopia today to make presentation on anti-corruption.
The President, who was engaged by AU at the last session to present a road-map on anti-corruption in Africa, would speak on “Winning the Fight against Corruption: A Sustainable Path to Africa’s Transformation”.
This is the first time in the 54-year history of the AU that anti-corruption will be made a theme of the gathering of the regional leaders.
On July 4, 2017 the 29th Session of the AU, African leaders unanimously endorsed Buhari to champion the fight against corruption on the continent.
The endorsement was in recognition of his personal commitment and widely acclaimed anti-graft drive at the domestic level.
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
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· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
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· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
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· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos