Latest report by the Sustainable Entrepreneurship and Economic Development Initiative (SEEDi), has revealed that Nigeria has lost over $1 billion to corruption-related Medium Small and Medium Enterprises (MSMEs) programmes in four years. The report said the amount exceeds Nigeria’s capital expenditure on health and education combined for the period covering 2014 to 2018. Based on the Central Bank of Nigeria (CBN) official rate of N306/$1, the $1billionn translates into about N306 billion. The report reads in part, “Corruption is endemic within Nigerian government agencies meant to help MSMEs. Relative to their high costs, these agencies programmes appear to help very few people.

Source: The Guardian May 24, 2019 04:30 UTC