CORRUPTION IN NIGERIA: A THREAT TO SUSTAINABLE ECONOMIC DEVELOPMENT

Abstract

The study was on the corruption in Nigeria: A threat to sustainable economic development. The specific objectives are to: examine the effect of corruption in the improvement of gross domestic product in Nigeria; evaluate the effect of corruption on the employment generation in Nigeria and access the effect of corruption on the poverty level of the people. The study is a descriptive research based strictly on review of corruption in Nigeria: A threat to sustainable Economic Development. In the design of the work, the study made use of the basic sources of data collected from secondary source. Consequently, the data for the study were collected through secondary source which include mainly the annual reports and the account of corruption in Nigeria: A threat to sustainable Economic Development covering 2004 to 2018, journals, seminar papers, CBN Annual Report and internet. The findings indicated Corruption has significant effect on the improvement of gross domestic product (GDP) in Nigeria (f = .713, p < 0.05). Corruption has significant effect on the employment generation in Nigeria (f = 1.00, p < 0.05). Corruption has significant effect on the poverty level of the people (f = 0.094, p < 0.05). Based on the findings of the study, corruption has affected many countries all over the world especially the developing countries. It has various implications for both the developed and developing economies. Corruption hampers development and thus raises the level of poverty in any economy that finds itself entrenched in corrupt practices. The study concluded Corruption has stolen the wealth of resource-rich nations like Nigeria thereby making people to be trapped in poverty, unemployment and low GDP.  The study recommended that the Nigerian government should employ the strict application of anti-corruption codes as stipulated in the legislations that created the anticorruption agency without prejudice or double standard irrespective of the culprit’s stature or position in the society.