Corruption costs the global economy $2.6 trillion a year - Secretary John Kerry

US Secretary of State John Kerry said in a speech to Oxford Union about the higly negative impact of the world corruption.  Corruption costs the world economy around $2.6 trillion annually, Kerry said in a speech to Oxford Union in London on Wednesday.

"Corruption costs the global economy about 2.6 trillion per year," Kerry stated.

The secretary noted the money wasted by corrupt enterprises amounts to about ten times the total amount the international community spends every year on all development projects.

Nigeria , Other West African Leaders Disagree with EU Trade Plans

ECOWAS leaders has  disagree with the European Union free trade deals . Nigeria and the rest of the regional block refused to open their economies to free trade with the European Union at a summit on Saturday.

Nigeria, the regional heavyweight Nigeria voiced concerns which stalled the deal of any further negotiations over the Economic Partnership Agreement (EPA) since ECOWAS countries resisted lifting tariff barriers over fears that they could crush nascent industries unable to cope with European imports.