CORRUPTION AND ECONOMICS DEVELOPMENT IN FOURTH REPUBLIC IN NIGERIA

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CORRUPTION AND ECONOMICS DEVELOPMENT IN FOURTH REPUBLIC IN NIGERIA

Abstract:

This study examines the intricate relationship between corruption and economic development in Nigeria during the Fourth Republic. Corruption has been a pervasive challenge in Nigeria, impacting various sectors and undermining the nation’s potential for sustained economic growth. Through a comprehensive analysis of historical, economic, and governance data, this research seeks to elucidate the multifaceted dimensions of corruption and its consequential effects on economic development.

The study employs both qualitative and quantitative research methods to investigate the prevalence and forms of corruption, as well as their direct and indirect implications on key economic indicators such as GDP growth, foreign direct investment, and income distribution. Additionally, it explores the role of governance structures, institutional frameworks, and anti-corruption policies in shaping the economic landscape.

Findings from this research contribute to the ongoing discourse on the challenges posed by corruption to economic development in Nigeria. The study also offers recommendations for policy reforms and strategic interventions that may mitigate the impact of corruption on the economy, fostering a more conducive environment for sustainable development in the Fourth Republic. By addressing the root causes and manifestations of corruption, this research aims to provide valuable insights for policymakers, scholars, and practitioners working towards enhancing economic development in Nigeria.

CHAPTER ONE

INTRODUCTION

1.1 Background of the study

Corruption include but not limited to actions such as bribery, embezzlement, diversion of public funds, goods and services for personal or parochial interest. While corruption is multifaceted and can be on a small or large scale. One of the biggest challenges plaguing Nigeria since independence is the issue of corruption. In fact, corruption is said to be the bane of Nigeria’s development, causing the nation’s perpetual underdevelopment with the loss of funds that could have been used to fast-track the development of Nigeria (Onyemelukwe, 2004; Onosode, 1993).

Corruption in Nigeria is so endemic that it has stifled economic growth and development affecting every sector negatively. Nigeria at the moment, is still ranked as one of the poorest nations in the world, in spite of the vast human and natural resources the nation is blessed with (Nwaze, 2012). Given the diverse nature of corruption in Nigeria as alluded to previously in this paper, the focus of this study is on the negative impact of corruption on development in Nigeria.

1.2 Statement of the problem

The Transparency International (2002) corruption perception index places Nigeria at 136, on a scale from 100 (very clean) to 0 (highly corrupt). The 2016 corruption perception index saw the country (Nigeria) occupying the 28th position, an appreciable improvement from the previous rankings. It further reports that developing nations like Nigeria loose a whopping 1.2 trillion dollars annually to corruption (Wale, 2017).

Various scholars, organizations and commentators have decried and condemned the preponderance of corruption in Nigeria, as well as its negative effects on both the economy and national development (Chimakonan, 2011; Akor, 2014; African Economic Outlook, 2015; Transparency, International, 2014).

This underscores the prevalence and impact of corruption on development in Nigeria