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THE CORRUPTION IN NIGERIA: A THREAT TO SUSTAINABLE ECONOMIC DEVELOPMENT

ABSTRACT

The study examines corruption in Nigeria as a danger to long-term economic development from a conceptual and theoretical standpoint. It explains the nature and consequences of corruption, as well as the steps that may be taken to reduce and eliminate it in Nigeria.

INTRODUCTION

According to Amuwo (2005) and Obayelu (2007), corruption is defined as the use of a public position, resources, or power for personal gain. Corruption is defined by Fjeldstad&Isaksen (2008, p. 3) and Ogundiya (2009, p. 5) as “the violation of public trust for personal or sectional advantage.” Corruption, according to Obayelu, is defined as “efforts to achieve riches or power by illegitimate means for private advantage at the expense of the public; or a misuse of power for private gain.” Corruption encompasses a wide range of behaviors, including fraud (theft by deception), embezzlement (misappropriation of corporate or public finances), and bribery (payments made in order to gain an advantage or to avoid a disadvantage).

CHAPTER I

BACKGROUND OF THE STUDY

Corruption has a negative impact on a country’s economy. A nation engulfed in corruption cannot be economically viable, nor can the system create the necessary support and affection to ensure the democratic system’s existence. Nigeria is in a scenario where corruption has become ingrained in the political culture. Corruption has deprived Nigerians of the benefits of economic growth by diverting scarce money that should have been used to carry out development projects to private foreign accounts.

Nigeria has a high rate of corruption, not because the people are different from those in other areas of the world, but because the conditions are conducive to it. There are numerous explanations for this.

Nigeria has a high rate of corruption, not because the people are different from those in other areas of the world, but because the conditions are conducive to it. There are numerous explanations for this. The population’s urge to earn money is significantly stronger, aggravated by poverty, unemployment, and poor salaries. Accountability is generally lacking in many impoverished countries, including Nigeria. Civil liberties and political competition are frequently curtailed. Laws and standards of governance ethics are underdeveloped, and the legal agencies entrusted with enforcing them are understaffed.

The study aims to look into corruption in Nigeria as a danger to long-term economic development.

STATEMENT OF PROBLEM

The challenge that this study is trying to solve is determining whether or not corruption in Nigeria is a danger to long-term economic development.

OBJECTIVES OF THE STUDY

1 To assess the extent to which Nigeria is afflicted by corruption.

2 To identify the causes and consequences of corruption in Nigeria’s long-term economic development.

RESEARCH QUESTIONS

1 What is the nature of Nigerian corruption?

2 What are the reasons of Nigerian corruption?

3 What impact does corruption have on Nigeria’s long-term economic development?

SIGNIFICANCE OF THE STUDY

The study will project the negative impact of corruption on Nigeria’s economic development.

It will also function as a reliable source of information on corruption issues.

SCOPE OF THE STUDY

The study examines Nigerian corruption and its impact on long-term economic development.

RESEARCH HYPOTHESIS

H0 1 Nigeria has a high rate of long-term economic development.

H1 Nigeria has a low rate of long-term economic development.

2 H0 Nigeria has a low level of corruption.

Nigeria has a high level of corruption.

H0 three In Nigeria, the impact of corruption on long-term economic progress is minimal.

H1 Corruption has a significant impact on Nigeria’s long-term economic development.

ECONOMIC   DEVEDLOPEMENT DEFINED

According to Imhonopi & Urim (2010), national development is the ability of a country or countries to improve the social welfare of the people, namely, by providing social amenities like good education, power, housing, pipe-borne water and others. The components of national development include economic development, socio-cultural empowerment and development and how these impact on human development. Without human development, which is the development of the human capital of a nation or its citizens, national development can be thwarted or defeated. In fact, human development is one basis for judging the effectiveness of the economic development component of national development (Ogboru, 2007; Ranis, Stewart, & Ramirez, 2000)

 

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