Corruption costs Nigeria and other African countries about $148 billion each year

BBC News:

Mr Obasanjo said the figure had been obtained from the African Union. The figure amounts to 25% of Africa's official Gross National Product.

The president was addressing the Extractive Industries Transparency Initiative (EITI) in Abuja.

Mr Obasanjo has promised a "war against corruption" in Nigeria, which is notorious for graft.

Mr Obasanjo said revenue from extractive industries - mining and oil production - was "a major contributor to this monumental and preventable loss".

"The popular 'paradox of poverty in the midst of plenty' is a daily experience in many African countries rich in oil, gas and minerals," the president said.

"The majority of citizens in these countries still lack basic health and educational facilities."

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