Africa must block $580bn illicit flows to curb debt crisis — AfDB boss Adesina
Akinwumi Adesina, president of the African Development Bank (AfDB), says Africa loses more than $580 billion annually to illicit financial flows and corruption — a trend he warns is worsening the continent’s $2 trillion debt burden.
Speaking in an interview with Bloomberg, Adesina urged governments across the continent to prioritise blocking financial leakages as part of wider economic rescue efforts.
“It doesn’t matter how much water you pour in if the bucket is leaking,” he said.
Adesina noted that while debt restructuring and increased access to concessional loans remain important, halting capital outflow would allow African countries to retain scarce resources and finance critical infrastructure.
He referenced AfDB data which estimate Africa loses $1.6 billion daily to financial leakages — including $90 billion annually in illicit outflows, $275 billion through profit shifting by multinationals, and $148 billion through corruption.
The AfDB recently approved a new five-year strategy (2025-2030) committing $650 million annually to Nigeria, and announced a $40 million investment into the Alliance for Green Infrastructure in Africa (AGIA) to support development projects.
