Corruption hampers business transactions –Osinbajo

Corruption is the biggest impediment to trade and contract agreements in Nigeria, says Vice President Yemi Osinbajo.

The VP said this while declaring open a capacity building workshop for Nigerian trade negotiators for improved terms of engagement with the rest of the world and to eradicate illicit financial flows in the country.

The training, organised by the Independent Corrupt Practices and other related offences Commission, in conjunction with the Inter-Agency Committee on Stopping Illicit Financial Flows from Nigeria, has senior and middle-level negotiators from Ministries, Departments and Agencies of government and others as participants.

Osinbajo said the training was timely for better bilateral and multilateral pacts.

“Poorly negotiated trade agreements can lead to serious financial flows,” he said, urging negotiators to institute maintenance and monitoring mechanisms to mitigate failures.

He advised the mediators to “ensure scrutiny, accountability and transparency, as well as checks and balances in carrying out any negotiated agreements in the country.”

Special Assistant to the President on Economic Matters and Chairman, Inter-Agency Committee on Stopping Illicit Financial Flows from Nigeria, Dr Adeyemi Dipeolu, noted,  “One of the ways in which illicit financial flows is carried out is through secret and poor undertaking of agreements.

“Careful preparation, strong inter-disciplinary team, good research and good understanding are among key elements in carrying out favourable undertakings of any trade negotiation.”

He implored Nigerian negotiators to adhere to economic prosperity and reduction in illicit financial flows in the country.

The Chairman ICPC, Professor Bolaji Owasanoye, clarified that the programme was to equip the negotiators for better productivity.

He explained that the training would prepare the indigenous negotiators for the risks associated with negotiating trade, investment, tax, natural resources and environmental agreements for the country.

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