$50bn illicit outflow remains Africa’s big challenge ― Kenya VP

Vice President of Kenya, Dr. William Ruto has said the estimated $50 billion annual capital flight from Africa remained a big challenge to the continent.

Ruto who spoke at the Africa Economic Congress in Abuja on Monday said corruption was a major threat to the continent’s economic growth aspirations.

“May I note some of the key hindrances or challenges that threaten our journey to ‘Building the Africa We Want’ Corruption: This is a common challenge among Africa countries.

“It is estimated that Africa loses about $50 billion every year to illicit financial flows out of Africa.”

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The Kenyan leader equally identified unemployment and poor and inadequate infrastructure as other factors mitigating against Africa.

He expressed worry that with the youth constituting about 75 per cent of the labour force in most African countries, “tackling unemployment should, therefore, be on top of the agenda of every African country.”

Also speaking in a goodwill message, a former Governor of Central Bank of Nigeria and columnist with Nigerian Tribune, Dr. Obadiah Mailafia, said Africans were tired of their stories been told them by others and that it was time for Africans to rise to the challenge of developing the continent.

Chief Executive Officer of AEC, Mrs. Nancy Nnaji, said the event was an outcome of “the search and strategic plan to rediscover the Africa of our dreams and aspirations.”

She called for Afro-centric solutions and approaches to the African continental challenges.