Corruption Caused $20-Billion Hole in Africa’s Largest Economy

Worldwide the cost of corruption equals more than 5% of global GDP. In Nigeria, Africa’s largest economy where easy access to oil revenues opens the door to corruption, a respected former central-bank governor lost his job after claiming that $20 billion had been stolen. Most Nigerians live in poverty, and millions would be spared if officials stopped pilfering from the public purse. In fact, Nigeria ranks 32nd from the bottom of 168 countries surveyed by Transparency International. According to an analysis by PricewaterhouseCoopers, corruption in Nigeria could cost up to 37% of GDP by 2030 if it’s not dealt with immediately. This cost is equated to around $1,000 per person in 2014 and nearly $2,000 per person by 2030. (economist.com)