News

Nigerian Minister of Mines and others leads drive to end illicit outflow of Africa’s mineral wealth

Nigerian Minister of Mines and others leads drive to end illicit outflow of Africa’s mineral wealth
  • Comments   -   Tuesday, 07 February 2017 - 10:36

(Ecofin Agency) - The Nigerian Minister of mines and steel development, Kayode Fayemi (photo), together with other African ministers of mines are leading a new drive to reverse the unlawful outflow of the continent's mineral resource wealth. This is coming after new data from the United Nations Economic Commission for Africa (UNECA) showed that over $50 billion is lost by African countries every year to unstructured, illegal and unreported transactions.

This negative economic trend could be reversed through the involvement of credible multinational mining firms in transparent local operations while phasing out unstructured artisanal mining practices that harm miners, breed corruption and weaken national economies,” Fayemi said.

Some experts believe losses recorded by African nations due to the lack of transparency in their respective mining sector are higher than previously estimated. According to Aida Opoku-Mensah, the special advisor to the executive secretary of UNECA on post-2015 development agenda, the over $50 billion figure “is conservative and underpins disproportional transfer pricing and corruption, and could even be as high as $100 billion”.

Anita Fatunji

SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.created DESC LIMIT 4
Less than 1.5 million people (0.9%) out of the over 180 million...
Read more |  27 March 2017
Telecommunications networks (GSM) in Nigeria lost a total of 1,275,573 internet users...
Read more |  27 March 2017
The Senate Committee on Customs, Excise and Tariff is investigating an alleged...
Read more |  27 March 2017
Most Read | 7 days |
1 month |
1 year
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND a.created > '2017-03-21 06:04:43' AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.hits DESC, a.created DESC LIMIT 5
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND a.created > '2017-02-26 06:04:43' AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.hits DESC, a.created DESC LIMIT 5
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND a.created > '2016-03-28 06:14:06' AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.hits DESC, a.created DESC LIMIT 5
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.created DESC LIMIT 4, 4
listofid2=36663,36662,36661,36660,
reference=36663,36662,36661,36660,0
Capital releases by the Federal Government of Nigeria to Ministries and Agencies...
Read more |  27 March 2017
The Trade and Development Bank (TDB), formerly known as Preferential Trade Area...
Read more |  27 March 2017
Cote d’Ivoire’s government will seek a new budget support from the International...
Read more |  27 March 2017
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.created DESC LIMIT 4
Most Read | 7 days |
1 month |
1 year
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND a.created > '2017-03-21 06:04:43' AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.hits DESC, a.created DESC LIMIT 5
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND a.created > '2017-02-26 06:04:43' AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.hits DESC, a.created DESC LIMIT 5
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND a.created > '2016-03-28 06:14:06' AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.hits DESC, a.created DESC LIMIT 5
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.created DESC LIMIT 4, 4
Capital releases by the Federal Government of Nigeria to Ministries and Agencies...
Read more |  27 March 2017
The Trade and Development Bank (TDB), formerly known as Preferential Trade Area...
Read more |  27 March 2017
Cote d’Ivoire’s government will seek a new budget support from the International...
Read more |  27 March 2017

Copyright Agence Ecofin © 2015. All Rights Reserved.