#BringBackOurMoney: African Countries Lose $300 Billion Annually To European Nations

#BringBackOurMoney: African Countries Lose $300 Billion Annually To European Nations

- in BUSINESS & ECONOMY, INTERNATIONAL
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The Economic, Social and Cultural Council (ECOSOCC) of the African Union has said that countries on the continent lose an aggregate of about $300 billion to European countries in the form of illegal resource and capital flight on a yearly basis.

This revelation was made by the Presiding Officer of ECOSOCC, Joseph Chelingi who addressed a press conference in Abuja at the weekend. He stated that the capital and resource flights are made possible by civil society organisations from European countries which are an extension of their foreign policies.

“In the European Union, it is in black and white, it’s shameful, it’s embarrassing, but that is what it is, all civil society in the EU are an extension of EU foreign policy.

“It means Germany will provide resources to its NGO in Germany but they will not work in Germany, they have to work outside Germany, therefore they have to have partners in Africa or in South America or Asia in order to promote EU foreign policy in that regard.

“Currently we are losing $300 billion per year in the least financial flow from Africa, and thanks to former president Obasanjo who has been leading the high level panel of AU on alternative sources of funding for the continent.

 “That $300 billion is 20 times or 100 times foreign direct investment that we receive for Africa on very silly and stupid conditionality. That is the kind of money Africa is loosing through companies like Shell under valuing their production in order to project lower income, in order to avoid tax,” Chelingi said.

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