Corruption and illicit financial flows cost Africa an estimated $88.6 billion each year—equivalent to 3.7 percent of the continent’s GDP—ECOWAS officials revealed at a regional anti‑corruption training in Abuja.
Speaking at the opening of a five‑day certification programme for financial investigators, ECOWAS Commissioner for Political Affairs Abdel‑Fatau Musah, represented by Democracy and Good Governance head Ebenezer Asiedu, underscored corruption as a major barrier to West African development.
“In spite of democratic advances, corruption remains a threat to governance and social progress,” Musah stated, noting that emerging digital financial systems, including cryptocurrencies, introduce new vulnerabilities.
Organized by ECOWAS, the Network of Anti‑Corruption Institutions in West Africa, and Nigeria’s EFCC, the training aims to equip investigators with advanced techniques to tackle sophisticated financial crimes.
EFCC Chairman Ola Olukoyede highlighted the transnational nature of money laundering and terrorism financing, calling for regional intelligence sharing and harmonized enforcement. “To effectively confront these challenges, we must speak with one voice,” he said.
As ECOWAS pursues its Vision 2050, addressing corruption is deemed essential for sustainable development and regional stability.
