Global corruption stands at $1 trillion, says U.S envoy

Cost due to corruption worldwide is estimated at a whopping one trillion dollar, the United States’ Ambassador to Nigeria, Ambassador James F. Entwistle has said. Entwistle, who quoted the Center for Strategic and International Studies, also estimated that a segment of private sector corruption alone in developing countries stands at $500 billion, a figure he […]

Cost due to corruption worldwide is estimated at a whopping one trillion dollar, the United States’ Ambassador to Nigeria, Ambassador James F. Entwistle has said.
Entwistle, who quoted the Center for Strategic and International Studies, also estimated that a segment of private sector corruption alone in developing countries stands at $500 billion, a figure he said is more than three times all foreign assistance given in 2012.
He made the remark yesterday at the International Anti-Corruption Day Roundtable Discussion organized by U.S. Embassy in Abuja to commemorate the 12th anniversary of United Nations Convention against Corruption (UNCAC).
The envoy, who acknowledged that corruption is a global phenomenon, gave instances of corrupt practices in his country. 
Entwistle, however, noted that President Buhari’s focus on fighting corruption is a positive indication for a secure and bright, economic future for Nigeria. He reiterated U.S continued partnership with Nigeria in its fight against corruption.