‘Corruption hindering Nigeria’s GDP $185b growth’

GDP


The Economic and Financial Crimes Commission (EFCC) has said that the country’s Gross Domestic Product (GDP) would have been higher by $185 billion if corruption had ben controlled to Malaysia’s level.The EFCC Academy Commandant, Prof. Ladi Hamalai, stated this in Abuja yesterday during the opening ceremony of a five-day strategic anti-corruption training.

According to Hamalai, Corruption causes $380 decrease in GDP per capita, which is a third of the GDP of many developing countries., She maintained that corruption was estimated to increase the cost of achieving the United Nations (UN) Millennium Development goal and water sanitation by $48 billion, making the goal unachievable in many developing countries.

The Commandant, who stressed the need for African nations to grow and strengthen their institutions, entrench transparency and accountability and utilise public resources efficiently to provide public social services effectively, said: “We all need to support government’s resolve to stamp out corruption. We all need to support the ACAS in Nigeria to gallantly and effectively fight corruption.

“We need to regularly assess the efficacy of corruption strategies and more systematically establish outcomes.”Hamalai explained that in western advanced countries with high level of institutionalisation and infrastructure development, transparency, which is well entrenched and facilitated by e-governance, is the key anti-corruption instrument.

However, Acting Chairman of the EFCC, Ibrahim Magu, noted that the training was specially designed to improve the capacity of anti-graft agencies in commonwealth Africa to deliver their mandates of fighting the corruption scourge that is militating against the continent’s collective developmental efforts.

He said: “We cannot over-emphasise the importance of training and re-training in building the capacity of law enforcement officials.“To be successful, anti-corruption agencies must stay ahead of these criminal groups.

“Staying ahead of the corrupt is what we do in the EFCC. Apart from our pool of crack investigators, we deploy top-notch forensic and polygraph technology to beat the corrupt in their tracks. This has found expression in increasing convictions and asset recovery outcomes by the commission.”Magu alleged that organised criminal gangs were daily devising new and sophisticated means of perpetrating fraud and other criminal activities.

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