Nigeria, Nov. 25 -- Africa is losing an estimated $83 billion every year due to corruption, weak governance and opaque regulatory systems in its extractive industries.

The revelation was made on Monday during a plenary session on Corruption and Capital Flows in Africa's Extractive Sector at the Media and development conference 2025 (MDC) organised by the Centre for Journalism, Innovation and Development.

The speakers, drawn from continental organisations and governance institutes, warned that mismanagement in the mining, oil and gas sectors continues to undermine development outcomes across the region, despite the continent's vast mineral wealth.

Speaking during the session, moderated by Chamun Dabengwa of NewsCentral, Pade Davies, a c...