Africa losing billions from fraud and tax avoidance. First African initiative to address illicit outflows says governments, multinationals and crime deprive poor countries of crucial services

by Mark Anderson

A party political billboard along a Lagos highway. Nigeria’s crude oil exports are often mispriced, according to a new report. Photograph: Pius Utomi Ekpei/AFP/Getty Images

Africa is losing more than $50bn (£33bn) every year in illicit financial outflows as governments and multinational companies engage in fraudulent schemes aimed at avoiding tax payments to some of the world’s poorest countries, impeding development projects and denying poor people access to crucial services.