POLITICAL CORRUPTION AND ECONOMIC DEVELOPMENT IN NIGERIA
POLITICAL CORRUPTION AND ECONOMIC DEVELOPMENT IN NIGERIA

Summary/Abstract: Scholars in the humanities and social sciences have observed that political corruption is a serious problem to the economic, social and political development of any nation. These problems or challenges have had negative effects on Nigeria economic development. Corruption, like cockroaches, has coexisted with human civilization for a long time and continues to be a concern in many developed and developing economies around the world, with disastrous results to economic development. Corruption as a phenomenon is a global issue of differing degrees and it’s prevalent in various countries. This paper therefore, investigates the reasons, and impacts of corruption which are seen to be ingrained in socio-cultural traditions as well as the country's political and economic condition. The analysis also looked at the numerous government policies and programs use to combat corruption. The study collected its data primarily from academic journals, books, conference papers and internet sources. The study adopted the elite theory to explain corruption and its effects on economic development in Nigeria. The study found out that corruption results in the depletion of much needed revenue, discourages foreign investments and consequently slows economic development. It also reveals that corruption weakens domestic financial systems, tarnishes the country's reputation, lowers savings investment and lowers people’s living standards. On this basis, the study proposes that the Nigerian government should address the root causes of corruption rather than the effects and this has to be through the effective implementation of legal mechanism.

• Details
• Contents