How tax evasion is 'robbing' Africa
A United Nations study says Africa is losing nearly $89 billion each year through illicit financial flows - such as theft and tax evasion. That's more than is received in development aid and is equivalent to 3.7% of the continent's GDP. Nigeria's vice president Oluyemi Osinbajo said the illicit financial flows were impeding sustainable development across Africa. Mukhisa Kituyi, secretary-general of the UN Conference on Trade and Development, says Africa and its people are being "robbed of their prospects" The UN report described Africa as a net creditor to the world - saying that more illicit capital flows out than the continent has in external debt. What's more - the situation could be worse.