Nigeria is reeling in over $10 billion yearly procurement fraud perpetrated through corrupt public service and abetted by contractors.
Top-B, left, Cahill, Grace Taiga, Supo Shasore. Middle, late Quinn who started the scam, Kuchazi of P&ID Nigeria and Mohammed Adoke, ex-Justice Minister
Country Director of DAI, Dr Joe Abah, speaking at the event said over $10 billion is lost yearly in Nigeria to procurement fraud. “The World Bank did a country procurement assessment for Nigeria. And that assessment revealed that of every one naira that the government was spending, 60 per cent of it was going into fraud. Of every one naira, 60 per cent of everything the government was spending was going into private pockets. It then also calculated that Nigeria was losing about $10 billion every year to procurement fraud.
Noting that transparency lies at the heart of a robust procurement system, Onyekwena said it remained important to ensure that every step of the procurement process is conducted openly, with clear guidelines and accountability mechanisms. Also, a Senior Fellow of AGI-Brookings, Professor Landry Signé reiterated the importance of technology in enhancing the transparency of the procurement process in his opening remark.
One of Williams’ key recommendations is for Nigeria to create legal and policy prioritisation for women in business in procurement. As part of efforts to foster economic growth and create bilateral trade between the state of Illinois and Nigeria, the Illinois Department of Commerce and Economic Opportunity has held an inbound trade mission in Lagos.
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