Britain Alerts on $15bn Capital Flight from Africa
From Iyefu Adoba in Abuja
The Second Permanent Secretary of the United Kingdom Treasury, and personal representative of Prime Minister Tony Blair, Sir Nick Stern, at the weekend in Abuja said about $15 billion is being taken out of Africa annually.
Stern who together with Nigeria's commissioner on the board of the Commission for Africa (CFA), Mr. Fola Adeola, briefed journalists on the activities of the new body, also said about 40 per cent of Africa's wealth is outside Africa compared with only five per cent in Asia.
However, he noted that the New Partnership for Africa's Development, (NEPAD) is geared to address this problem which he described as big and serious.
Stern also assured that the British government genuinely intends to proffer solutions on modalities to support African development.
Stern who said he was in Nigeria on a fact finding mission to interact with various representatives of the Nigerian society said the CFA is an opportunity to change the way people look at African issues.
He said the commission will publish a report next April to be submitted to the European Union of which Britain will assume its presidency next year.
Stern also identified poor investment climate in Africa as the motivation for capital flight out of the country. He added that the investment climate should be made more attractive for Africans to keep their wealth on the continent.
Adeola said "the UK will assume the presidency of the EU as well as the chairmanship of the G8 next year and they will sell whatever is sellable to members of the G8 about Africa's journey out of poverty."
British Prime Minister, Tony Blair, said Adeola, has concluded that Africa's problems are a scar on the conscience of the world and is passionate about rich countries helping poorer countries.
A statement from CFA states that: "2005 offers a real opportunity for a major change since the UK holds the presidencies of both the EU and G8. In preparing its report, the CFA will challenge assumptions inside and outside Africa. It will listen to Africa, all Africans and those who care about and can make a difference for Africa. It will seek to present the true picture of Africa and its diverse culture, challenging negative perceptions. It will seek to build a political coalition inside and outside Africa for action that enables successful inclusive development in Africa."
The statement disclosed that though there are some real signs of progress in Africa particularly with the emergence of NEPAD, a new dynamic new relationship with the developed world has been created with Africans taking control of their own agenda.
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