The amount of money lost to corruption in Africa every year is substantial enough to supply the continent with 24-hour unflinching electricity for three years, the Centre for International Private Enterprise (CIPE) said on Monday.
Andrew Wilson, executive director of CIPE, made the revelation at the 2020 edition of the Africa Business Ethics Conference in Lagos titled ‘Tackling Corruption to Reduce Poverty and Unemployment in Africa: A Necessity for Building Resilience to Global Risks.’
Wilson observed that much as corruption was a global phenomenon, the practice in Nigeria had sweeping implications for the quality of life of every citizen, going further to say it had limited the country’s ability to generate adequate tax revenue.
On Wednesday, the Independent Corrupt Practices and Other Related Offences Commission ranked the country’s judicial system as the most corrupt on its Nigerian Corruption Index, noting that a total sum of N9,457,650,000 was demanded, offered and paid as bribe in the judiciary between 2018 and 2020.
“In Africa, the Africa Union estimates that $140 billion a year is lost to corruption. This amount can ensure 24 hours uninterrupted power supply to every citizen in Africa for three years.
“That said, CIPE does know that combating corruption is a collective effort that requires contribution from every pillar of society,” Wilson said.
Africa Progress Panel estimates that an annual investment $55 billion until 2030 to meet electricity demand and achieve universal access to electricity.
He added that international consensus recognised that countries needed tools like strong civil society, reward for fairness and honesty, social activism with shared interests rooted in integrity and sustained participation in political engagements to combat corruption.
He also stated that a result-oriented and open public administration would stimulate innovation and growth, curb corruption and eradicate waste as well as unethical practices.
“Today, as the call for good governance, anti-corruption and renewed commitment to ethics reverberates across the world, led by citizens across all demographic backgrounds, Africa especially Nigeria has not been left out. “As we know, a thriving democracy must make efforts to live on the promise of development, justice, equity, equality, fairness.”
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION… LIVES ON THE LINE (IV): Surviving in a dangerous media environment
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019 and 2020. For six...
INVESTIGATION… LIVES ON THE LINE (III): Precious Owolabi was killed covering a protest
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019-2020. For six months, Nigerian...
INVESTIGATION… LIVES ON THE LINE (II): Alex Ogbu was telling a story but became the story
This four-part series investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019 and 2020....
SPECIAL REPORT… TELECOMS BLACKOUT: Nigeria’s latest tactic against banditry grounds businesses, forcing residents beyond borders
The fight against notorious bandits raining terror and kidnapping students in Northwest Nigeria took a new dimension in September as...
INVESTIGATION: How MDAs violate procurement rules in contract awards
An investigation has uncovered how Nigerian government Ministries, Departments and Agencies (MDAs) have continuously violated procurement rules in awarding contracts,...