Abstract

Corruption, Democracy and Economic Development in Nigeria

Abiloro Toba Olakunle, Akinnigbagbe Victor Makinde

Volume: 12 Issue: 3 2022

Abstract:

Corruption has a way of influencing social economic and political factors of any nation directly and (or) indirectly through the country’s institutional framework. The basis of both ‘grease the wheels’ and ‘sand the wheel’ hypotheses of corruption lie in the interaction between corruption and institutional features, hence the need for democracy. This study empirically investigated the impact of corruption on economic development by incorporating the institutional feature (democracy) in Nigeria. The study used primary source of data. The population of the study was made up of staff of all 16 offices (including the Headquarters) of Independent Corrupt Practices and other related offence commission (ICPC) in Nigeria which amount to 752 members of staff whereas 261 members was chosen as sample. The findings of the research showed that public procurement corruption, nepotism, and democracy had a negative and significant relationship with economic development while bribery had a positive and significant relationship on economic development. Generally, corruption and democracy has brought about a negative effect on economic development in Nigeria. The study recommended that Nigerian leadership should be keen in holistically addressing corruption in the Nigeria public sector. Also, democracy in Nigeria is too costly, the is a need for referendum and a revisit to our constitution. lastly, there should be an implementation of a serious and effective regulatory policy, stringent codes of conduct, political and bureaucratic transparency, an effective anti-corruption measure which is not targeted against oppositions, general restructuring of Nigeria political and democratic form of governance.

DOI: http://doi.org/10.37648/ijrssh.v12i03.029

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