Business
Africa Losing $50 Billion Annually to Illicit Financial Outflows, Says Nigerian Shippers’ Council
According to Pius Akutah, the Executive Secretary/Chief Executive Officer of the Nigerian Shippers’ Council (NSC), Africa is hemorrhaging over $50 billion each year due to illicit financial outflows.
Speaking at a debate competition in Lagos themed on whistleblowers’ protection against corruption, Akutah highlighted the devastating impact of these outflows on Africa’s development and attainment of Sustainable Development Goals.
He emphasized that these illicit flows hinder poverty alleviation efforts and essential service provision across the continent.
Akutah underscored corruption as a pervasive issue affecting all aspects of society, irrespective of gender or societal segment.
He noted the United Nations’ campaign to combat corruption and promote transparency, with July 11 marked annually by the African Union to raise awareness about corruption’s detrimental effects.
The NSC, through its Anti-Corruption and Transparency Unit, advocates for robust whistleblowing mechanisms and protections, recognizing whistleblowers as crucial in recovering embezzled funds for critical infrastructure development in Nigeria.
It has been noted that the National Youth Service Corps (NYSC) and British American Tobacco Nigeria Foundation (BATNF) plan to renew their partnership in agribusiness.
The new project is to involve youth in the agriculture business, widen their horizons, and educate them about the agritech sector.
The general manager shared that “The foundation is not only providing grants but also building a system of mentorship, structure, and support that enables corps members to see agribusiness as a serious enterprise pathway.” The plan is to use the NYSC platform to engage youths.
Idi Mukhtar Maiha, Minister of Livestock Development, has revealed the government’s intention of placing women in the livestock transformation agenda that they have in store for Nigeria.
During a recent event, he praised women, describing them as the backbone of the country, and shared that the country will keep on needing their support, hence the inclusion of the agenda team.
He also praised the First Lady for the impact she has made in the country so far and her advocacy for women’s empowerment.
Nigerians react as a user claims and shares that the price of rice in Nigeria is already reducing.
“Rice prices are finally dropping, minimum wage can buy a bag now. Step by step, we’re getting there. Nigeria will work in our lifetime.”
It can be noted that rice was sold at ₦85k to ₦90k, however, according to a market survey, the price of rice has dropped to ₦56k to ₦62k.
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