Effects of corruption and the economic reforms on the economic growth and development : lessons from Nigeria

Abstract

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 inquiry, 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. In addition, this study found a negative correlation between levels of corruption and economic growth thereby, making it difficult for Nigeria to develop fast. In Nigeria, corruptions stifle economic growth; reduce economic efficiency and development despite the enormous resources in the country. Corruption creates negative national image and loss of much needed revenue.