Participants of the Africa Business Ethics Conference (ABEC) have said they are working to stamp out in both the public and private spheres in Africa.
The event held in Lagos and organised by the Lagos Chamber of Commerce and Industry (LCCI) in partnership with the Centre for International Private Enterprise (CIPE).
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It is to promote conversations regarding the practical solutions to address corruption as a strategic approach in reducing the high incidence of poverty and unemployment across Africa.
President of LCCI, Mrs. Toki Mabogunje, lamented that corruption is one of the biggest developmental challenges facing African economies, noting that African economies cannot bear the increasing cost of corruption, which impedes socio-economic development and minimises the capacity of African governments to lift their citizens out of poverty and create opportunities for the low-income segment of the society.
Mabogunje said once corruption becomes entrenched, its negative effects multiply as it induces cynicism because people begin to regard it as the norm.
She, therefore, noted that regional cooperation and development of regionally agreed legal mechanisms to address the problems would be useful as well as international efforts to stop large scale corruption in business transactions.
Mr. Andrew Wilson, the Executive Director of CIPE also mentioned that integrity is the central pillar of society, noting that due to corruption, Nigeria businesses suffer losses.
“Though corruption is a global problem, its impact in Nigeria is far-reaching,” he said.
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