Corruption and Economic Development : Evidence from Nigeria

2015

This research is carried out to investigate the “effect of corruption on economic growth” with special emphasis on how corruption affect gross domestic product, and government expenditure in the Nigerian economy, covering a period of twenty seven years (1986-2012). Regression analysis was used to analyze the data and the results show that there is negative relationship between corruption and economic growth in Nigeria. Our findings support the conventional wisdom, which stipulate that corruption is detrimental to economic growth and development. It is a cankerworm that has eaten into the fabric of the Nigeria economy. The research concludes that corruption impact negatively on economy growth and development in Nigeria. It is however recommended that government should intensify its efforts in re-orientating the society against the ills of corruption by establishing high ethical standard to which all and sundry should adhere. Besides, stiffer sanctions should be imposed on those found...

Economic Research-Ekonomska Istraživanja

Reducing corruption has been one major challenge facing government and policy makers in Nigeria. This study employs the ARDL, CCR and FMOLS methods to assess the determinants of corruption in Nigeria over the period 1984-2016. The result of the cointegration test indicates that corruption and its determinants (economic development, political rights, military expenditure, rents, civil liberties and openness) have a long-run relationship. The results of the ARDL, CCR and FMOLS estimation demonstrate that economic development, political rights, military expenditure, rents, civil liberties and openness, are the main determinants of corruption in the long-run. Higher-economic development, greater civil liberties, more openness and higher military expenditure are related to lower corruption, but higher rents and political rights are associated with higher corruption. Based on these outcomes, this study recommends policies to promote economic development, civil liberties, political rights and openness, including reducing the reliance on the oil sector to curb corruption in Nigeria.

2015

Corruption, the evil of our time in Nigeria has increased in both quality and intensity with its devastating effects on human development. The endemic nature of corruption in Nigerian society constitutes one of the greatest threats in the living standards of citizenry. Thousands and millions of Nigerians are uneducated, unemployed and living in abject poverty due to the mismanagement of the national wealth and embezzlement of public funds. It is within this trend that this paper will examine the causes, effects and explores strategic measures in the management of this social problem in Nigeria. This paper recommends that the menace of corruption can be tackled in Nigeria through adoption and implementation of more stringent measures.

The paper examined the involvement and the role of corruption in the economic advancement of Nigeria. The study is more of expository of the level of corruption in Nigeria. The investigation revealed that there is high level corruption in Nigeria that has refused to decline in spite of the measures put in place by the federal government to curb the menace, and it also found out that, in Nigeria, corruption has a multifaceted dimension and has eaten deep into all the nuclei of the sectors of the Nigerian economy. Besides, it was revealed that corruption is one of the greatest obstacles to the development of the Nigerian economy as it has brought about high level selfishness, misallocation, diversion and improper allocation of scarce resources. On the basis of the realization, the authors made the following recommendations, among others: radical leaders and radical reform are needed in all sectors of the Nigerian economy as was done in the banking sector in 2005; the basic necessities of living must be properly addressed and be guaranteed; minimization of unemployment is absolutely necessary; remuneration of high level public officers should be made more attractive and men of proven integrity should be at the helm of affairs in Nigeria; and living wages that is sufficient to sustain life should be paid to workers. Besides, workers should be provided with credit facilities and non-corrupt allowances to enable them meet up with the necessities of life above values in the society, particularly concerning public office and public office holders.

Elite Project Writers, 2021

Corruption in contemporary era has dent growth and economic sustainability in developed and especially developing economies. Such is evidence in the Nigerian context. In 2013 cum 2014 the economy was rated one of the fastest growing in relation to her vision 2020:20. The reverse is the case owing to corruption undermining economic growth and sustainability in Nigeria. This study then, scrutinize the extent upon which corruption have undermine economic growth provide by (GDP) as its prime objective. The study adopts the Classical Linear Regression Model (CLRM) by means of secondary data from 1999-2016 with an array of other universal/customary and analytical tests. The R 2 of the CLRM result shows that 94% of the variation in GDP is explained by the prime regressors. Corruption, and exchange was established positive and significant affiliation, while unemployment, and inflation rate negative and nonsignificant affiliation. The above therefore conforms to empirical and conventional theoretical viewpoint to corruption undermining growth and sustainability habitually and globally.

ESUT JOURNAL OF SOCIAL SCIENCES, , 2024

ABSTRT Corruption is a relatively recent phenomenon that affects all facet of activities in Nigeria. However, corruption is rarely mentioned. There are many unresolved problems in Nigeria, but the issue of the upsurge of corruption is troubling. And the damages it has done to the polity are astronomical. In fact, the major factor obstructing her path towards sustainable development is corruption. It was concluded that corruption has had a profoundly debilitating, impact on Nigeria’s socioeconomic development, exacerbating poverty, inequality and social injustice. The effects of corruption in Nigeria includes; stunted economic growth and development, reduced government revenue and public resources, inefficient allocation of resources and mismanagement of public funds, undermined trust in institutions and governance, encouragement of illegal activities and organized crime and disproportionate impact of vulnerable population. Based on the conclusion, it was therefore recommended that the government to strengthen anti-corruption agencies: empower and resource agencies like EFCC and ICP to effectively investigate and prosecute corruption cases. Implement treasury single account (TSA): Consolidate government revenues to reduce mismanagement and embezzlement. Conduct regular audits: ensure transparency and accountability in government finances and contracts. ACT

2007 African Economic Conference, 2007

This paper gives an overview of the Nigeria's recent experience on corruption in the context of economic reforms programme. It discusses the possible causes and effects of corruption, which are seen to be rooted in socio-cultural practices and the political and economic situation of the country. Data were drawn chiefly from news stories, reports of tribunals and commissions of enquiry, interviews of Nigerians with relevant information, anecdotes, and personal knowledge of Nigeria. The results of the study show that there have been significant reductions in the level of corruption in the country through the introduction of government anti-corruption instruments.

The paper examined the involvement and the role of corruption in the economic advancement of Nigeria. The study is more of expository of the level of corruption in Nigeria. The investigation revealed that there is high level corruption in Nigeria that has refused to decline in spite of the measures put in place by the federal government to curb the menace, and it also found out that, in Nigeria, corruption has a multifaceted dimension and has eaten deep into all the nuclei of the sectors of the Nigerian economy. Besides, it was revealed that corruption is one of the greatest obstacles to the development of the Nigerian economy as it has brought about high level selfishness, misallocation, diversion and improper allocation of scarce resources. On the basis of the realization, the authors made the following recommendations, among others: radical leaders and radical reform are needed in all sectors of the Nigerian economy as was done in the banking sector in 2005; the basic necessities of living must be properly addressed and be guaranteed; minimization of unemployment is absolutely necessary; remuneration of high level public officers should be made more attractive and men of proven integrity should be at the helm of affairs in Nigeria; and living wages that is sufficient to sustain life should be paid to workers. Besides, workers should be provided with credit facilities and non-corrupt allowances to enable them meet up with the necessities of life above values the society, particularly concerning public office and public office holders.

Corruption is a melancholy for countries especially in the developing world. It distorts markets, shrinks the consumers’ sovereignty, increases cost of production, undermining values and norms, etc. and ultimately restraints the efforts of economic development. Nigeria is ranked 143 out of 183 countries of the world with 2.4 over 10 points of the corruption perception index in 2011. Democratic governance in Nigeria however has not generously helped in corruption reduction rather; it has worsened the Corruption. This paper recommends that the fight against corruption is a collective responsibility of every citizen with a view to make integrity, transparency, accountability and probity our watchword.

Mediterranean Journal of Social Sciences, 2014

Corruption is an ancient practice that has been traced back to pre-biblical time and made itself known in the ancient civilizations of developed and developing countries. This study empirically investigates the impact of corruption on the growth of Nigerian economy using granger causality and regression techniques. The study used gross domestic product (GDP) as a proxy of economic growth and corruption index as a proxy of corruption in our analysis. The study revealed that the level of corruption in Nigeria over the years has significant negative impact on economic growth in Nigeria. The implication of this study is that economy cannot grow fast without zero tolerance in corruption. The study recommended that the policies that will enhance economic growth are expected to be encouraged in reducing corruption and poverty so that the level of economic growth can be improved. And that the activities or programmes of the anti-corruption agencies in Nigeria such as the Economic and Financial Crime Commission (EFCC) and the Independent Corrupt Practices and related Offences Commission (ICPC) should be strengthened.