Abstract
The study aims at examining closely the effects of corruption on Nigerian economy. This is informed by the general belief that the menace of corruption has disastrous consequences not only on the economy but on all sectors of human endeavor. A number of related works were intensively reviewed and both the secondary data and primary data from secondary source were used It was however discovered that corruption has significant effects on the Nigerian economy. In effect, corruption slows growth, leads to inefficient investments in public projects, and slows down foreign investments. Hence, it was recommended that government should ensure that the civil servants are honest and trustworthy and virtues should be inculcated in people. Any discovered case of corruption should be exposed without minding the position of the culprit and be brought to book. This will serve as deterrent to others. Importantly, government should provide adequate pay package for public servant and their remuneration should be competitive with that of the private sector.
Highlights
Corruption has become an endemic in all the countries across the globe, and that it is not peculiar to any continent, region or ethnic group
Despite the difficulty in obtaining data about corruption, some information about it, is available: An audit report revealed that Nigeria lost over N23billion in only ten federal ministries in 2001(Nwobi)
Investigation reveals that these countries located in the Northern part of Europe have common geographical and economic factors and have historical, cultural and linguistic affinities (Redmond, 2007)
Summary
Corruption has become an endemic in all the countries across the globe, and that it is not peculiar to any continent, region or ethnic group. Nwaobi (undated) and Salisu (2000), defined corruption as the use of public office for private gain and this include bribery and extortion which necessarily involve at least two parties and other types of malfeasance that a public official can carry out alone (including fraud and embezzlement). Husted (1999) argues that a model of corruption should explain the underlying causes or antecedents of this kind of exchange that influence the allocation of resources and involve the use of public responsibility for private ends. Nwobi (undated) and Glickman (2005) identify another form of corruption as business bribery which is popularly known as 419 in Nigeria He added that this fraud is known internationally by different derogatory names like white-collar animals, con artists, e-mail hucksters, spammers, tele-marketers and scam artists. Despite the difficulty in obtaining data about corruption, some information about it, is available: An audit report revealed that Nigeria lost over N23billion in only ten federal ministries in 2001(Nwobi)
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