Abstract
This work analyzes the terms contributing to economic corruption in the Nigeria. The analyses shows that privatization of public sectors has affected the economy negatively. Some public policies contribute to the growth either negatively or positively to the growth and development of Nigerian economy. In many countries, the way economy is defined is how it is in their country. Some countries, particularly in Africa, have a low decreasing economic growth as a result of corruption and mismanagement. It seems that every year the price of goods and costs of living increase sequentially, example, a litre of fuel was sold at a minimum price of ₦60 in 2012, while in 2018 the minimum price was ₦145 which was not proper. As stated above, ‘Economy deals with men in their ordinary business of life, earning and enjoying a living’. From this statement, it was observed that it is not true in Nigeria. Many people have ordinary businesses that earn, but not enjoying any living due to hardship caused by series of corrupt practices. Many people work just to eat two times a day, while some strives to maintain a particular meal type | diet for a weak in order to survive. Some work as civil servants but owed for months by government showing that the business is there but, they are not enjoying any living due to corruption in an economy.
Highlights
Generations of economists since Adam Smith [1], the acknowledged founder of economic science, have defined ‘economics’ in various ways, which stating that economy is the activities involving money and exchange transactions among people, allocation of scarce resources to the production and distribution of goods and services, wealth, how man earns his daily bread, and men in their ordinary business of life, earning and enjoying a living
In many places in Nigeria, education is being devalued while politics is valued to the highest point
In some part of Nigeria, many children, youths are not sent to forward their education saying that “education is not the key, key is quick money”
Summary
Generations of economists since Adam Smith [1], the acknowledged founder of economic science, have defined ‘economics’ in various ways, which stating that economy is the activities involving money and exchange transactions among people, allocation of scarce resources to the production and distribution of goods and services, wealth, how man earns his daily bread, and men in their ordinary business of life, earning and enjoying a living. Corruption is the act of changing or of being changed for the worse. It is the act of impairing integrity, virtue, morals principles, loss of integrity, depravity, wickedness, bribery [2]. Virtue, moral principle, wickedness, bribery is brought to ones | Nations business, earning and living it is said to be economically corrupt. When the virtue of the economy is changed for the worse, it is economic corruption. In Nigeria, one’s happiness has turned to hardship, due to the impaired moral principles, impaired integrity and bribery in the economy. Eighty percent of the people cannot boost of balance diet, including adequate three squared meal, due to the economic corruption. Many died and still dying because of insufficient and unbalance diets which has to do with the hardship in the country
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