Minister of Foreign Affairs, Ambassador, Yusuf Maitama Tuggar said Africa annually loses $88.6 billion United States dollars to illicit financial flows.
The amount is equivalent to about three percent (3%) of Africa’s Gross Domestic Product, (GDP).
Speaking at the 6th Annual General Assembly of the Network of Anti-Corruption Agencies in Africa (NACIWA), the Minister stressed the need for regional and global cooperation in combating corruption.
“These funds, often hidden in tax havens and opaque financial systems, represent stolen resources that could have been used to build schools, hospitals, roads, and other critical infrastructure.
“Corruption is a pervasive cancer that has deeply affected African societies, undermining institutions, eroding public trust, and exacerbating poverty and inequality,” the Minister stressed.
Proffering solution to the challenges, Ambassador Tuggar called for regional cooperation by using initiatives such as the African Union’s Agenda 2063 and the African Continental Free Trade Area (AfCFTA).
“We must work together to promote good governance, transparency, and accountability, which are essential for combating corruption.
“The international community must support Africa’s efforts by ensuring that global financial systems are transparent and that safe havens for ill-gotten funds are eliminated.
“We must coordinate our efforts to close loopholes, enforce regulations, and repatriate stolen assets,” the Minister added. “The fight against corruption is not an option, but a necessity. It is a fight for the soul of our continent and the future of our children,” he said
