Corruption to cost Nigeria 37% of its GDP by 2030- Siemens

Following the Federal Government’s resolve to stop corruption, Siemens Nigeria has estimated that corruption will cost the nation 37 percent of its Gross Domestic Product, GDP, if both the public and private sectors do not compete together.

Speaking on the business line of a collective Anti-corruption workshop for Nigerian Small Medium Enterprises, organized by the UN Global Compact, in Lagos, Ms. Funmi Akande, the Chief Financial Officer of Siemens Nigeria, stated that, “If the magnitude of corruption in the country persists, it will cost Nigeria 37 percent of its GDP by 2030.”

She further said that corruption is a major issue that has to be nibbed in the bud for Nigeria to progress, stating that, “the Siemens Integrity Initiative was focused on the Micro Small and Medium Enterprises, MSMEs, who are over 37 million in the country, and represent 84 percent of the total labour force.

T he Chief of Africa, UN Global Compact, Ms. Olajobi Makinwa, on her part, said that, “Corruption is not only a government issue, the private sector has a role to play on it, in some cases I may say that it’s even driven by the private sector. “This is why Global Compact is saying that we should not only fight corruption by pointing fingers at the government, we need to bring all the actors together in a platform that is friendly and not antagonistic, and that’s what we do.

Siemens is a multinational company in operation in Nigeria, with a focus on advocating strong business ethics for Small Medium Enterprises, SMEs and Large corporates. The is even as the United Nations Global Compact harp emphasized on the need of the private sector to synergise with the federal government to put an end to corruption.






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