African leaders address illicit outflows

African leaders address illicit outflows

Nigeria’s minister of Mines and Steel Development, Dr Kayode Fayemi, and other ministers of mines across Africa are in the forefront of a new drive to reverse illicit outflows of the continent’s mineral resource wealth, the local press reports.

This latest move follows new data from the United Nations Economic Commission for Africa (UNECA) that shows that about $50 billion is lost annually by African countries due to opaque dealings involving foreign mining companies and their local collaborators, especially through unstructured, illegal and unreported transactions.

Fayemi said, “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.”  PHOTO: Dr Kayode Fayemi  READ MORE: http://allafrica.com/stories/201702070386.html

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