By Ikugbadi Oluwasegun
The federal government through Yusuf Tuggar, Minister of Foreign Affairs has said Africa loses US$88.6 billion annually to illicit financial flows, equivalent to around 3% of Africa’s GDP.
The Minister was speaking at the 6th Annual General Assembly of the Network of Anti-Corruption Agencies in Africa where the Minister stressed the need for regional and global cooperation in combating corruption.
To address corruption that has eroded into the fabric of African institutions, undermining public trust, and exacerbating poverty and inequality, the Minister cited initiatives such as the African Union’s Agenda 2063 and the African Continental Free Trade Area in addressing these challenges.
The Minister said to address corruption, there is need to close loopholes, enforce regulations, and repatriate stolen assets.
Similarly, the Foreign Affairs Minister noted that adopting the United Nations Resolution on Tax Cooperation and the Sustainable Development Goals (SDGs), it would support Africa’s efforts in ensuring robust global financial systems and promote good governance, transparency to eliminate safe havens for ill-gotten funds.