CORRUPTION AND ECONOMIC DEVELOPMENT IN NIGERIA: A CASE STUDY OF PRESIDENT MUHAMMADU BUHARIS ADMINISTRATION 2019-2023
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
Background of the study
Corruption has coexisted with human society for a long time and remains as one of the problems in many of the world’s developing economies with devastating consequences. Corruption is a global phenomenon which exists in varying degrees in different countries and it consists of one of the impediments of economic growth (Agbu, 2001). Corruption is not only found in democratic and dictatorial politics, but also in feudal, capitalist and socialist economies. Christian, Muslim, Hindu, and Buddhist cultures are equally bedevilled by corruption (Dike, 2005). Corruption is directly connected with rent-seeking behaviour of people that have administrative or market power (Ogunlana, 2011). The World Bank has estimated that over 1 trillion is paid in bribe for business transactions in less developed countries.Corruption is the single greatest obstacle to economic and social development. It undermines development by distorting the role of law and weakening the institutional foundation on which economic growth depends (World Bank). It is one of the greatest challenges of the contemporary world. It undermines good government, fundamentally distorts public policy, leads to the misallocation of resources, harms the private sector and private sector development and particularly hurts the poor (Transparency International).Empirical studies have shown that African countries exhibit relatively high level of corruption which institute a major constraint to efforts aimed at effectively allocating resources to growth enhancing project. Funds that would have been invested in infrastructural and development projects are seriously depleted through kickbacks, over and under invoicing of contract amounts, etc. which accounts for why the grants and aids which are given by richer and developed countries are suspended or sometimes out rightly cancelled when it was discovered that these funds are embezzled and end up in corrupt hands (Ogunlana, 2011).In Nigeria, it is one of the many unresolved problems that have critically hobbled and skewed development (Ayobolu, 2006). It remains a long-term major political and economic challenge for Nigeria (Sachs, 2007). It is a canker worm that has eaten deep in the socio-economic fabric of the nation. It ranges from petty corruption to political / bureaucratic corruption or Systemic corruption (International Center for Economic Growth, 1999).Corruption is endemic as well as an enemy within (Agbu, 2003). It had stunted growth in all sectors. It has been the primary reason behind the country difficulties in developing fast. This is evident in consistent Transparency International’s rating of Nigeria as one of the top three most corrupt countries in the world (Ribadu, 2003).The corruption trend in the country is alarming as the list of corrupt practices in Nigeria as well as the people involved is endless. Although, the present civilian Government has embarked on massive war against corruption via Independent Corrupt Practices Commission (ICPC) and Economic and Financial Crime Corruption (EFCC), such effort is yet to have a significant positive impact. Consequently, it seems that corruption has defied all the necessary solution (Folorunsho, 2007). Therefore,the study examine Corruption and economic development in Nigeria: A case study of president Muhammadu buharis administration 2019-2023.
Statement of the problem
The state of corruption in Nigeria has been categorized as endemic. Corruption has also been identified as one major obstacle to national growth and development of the Nigerian economy. Research has shown that corrupt practices have been perpetrated in governance, public and private places since the pre-colonial era to the colonial period and through independence to present. Achebe (1984) wrote that “the Nigerian problem is the unwillingness or inability of its leaders to rise to their responsibility, to the challenge of personal example, which is the hallmark of true leadership”. In the same vein, Storey (1953) wrote that “before independence, there have been cases of official misuse of resources for personal enrichment”. Ogbeidi (2012) opined that “widespread corruption, where government officials looted public fund with impunity and flaunt their wealth with reckless abandon provided the pretext for a group of young middle-rank army officers to sack the Nigerian First Republican politicians from power through a coup d’état on 15th Jan. 1966. He further stated that the next thirteen years after Buhari’s regime saw no serious attempt to stop corruption, that corruption reached an alarming rate and became institutionalized during Babangida regime, leaders found guilty by tribunals under Muritala Muhammed and Mohammadu Buhari regimes found their way back to public life and recovered their seized properties. The magnitude of corruption has been increasing over the years and this has led to retarded growth and development in Nigeria. Though there has been lots of anti-corruption crusade in Nigeria over the years targeted to stem the spread of corruption in the country. Despite the establishment of anti-graft agencies, such as Independent Corrupt Practices and Other Related Offences Commission (ICPC) in 2000, and Economic and Financial Crimes Commission (EFCC) in 2003 after the Financial Action Task Force on Money Laundering (FATF) named Nigeria amongst the twenty three non-cooperative countries frustrating the effort of international community to fight money laundering (EFCC(Establishment) Act, 2002), corruption has continued to weaken institutions, discourages investment and retards economic development. Corruption has also led to diversion of developmental resources of the society to private or personal use. This has contributed to the leakage of capital from Nigeria for illegal deposits abroad. Given the above problems, the main objective of the study is to examine Corruption and economic development in Nigeria: A case study of president Muhammadu buharis administration 2019-2023.
Objective of the study
The broad objective of the study is to examine corruption and economic development in Nigeria: A case study of president Muhammadu buharis administration 2019-2023. the specific objectives is as follows:
- To assess the factors responsible for corruption in Nigeria.
- To investigate the effect of corruption on the socio-economic development of Nigeria.
- To examine the magnitude of the impact of corruption on growth and development of the Nigerian economy.
- To find out how corruption can be curbed in the Nigerian society.
Research Questions
The following questions will guide the study:
- What are the factors responsible for corruption in Nigeria?
- What is the effect of corruption on the socio-economic development of Nigeria?
- What is the magnitude of the impact of corruption on growth and development of the Nigerian economy?
- How can corruption can be curbed in the Nigerian society?
Research hypotheses
The following hypotheses have been formulated for the study:
H01: Corruption does not have an effect on the growth and development of Nigeria.
H02: The magnitude of the impact of corruption on growth and development of the Nigerian economy is low.
Significance of the study
The findings of the study will be of benefit to the nigerian government as it will expose them to the factors responsible for corruption and strategize on ways corruption can be curbed.
The findings of the study is significant to policy makers as it will expose them to the need of living up to their responsibility by enacting laws and policies that will discourage people from involving themselves in corrupt practices, therefore, leading to a stronger socio economic growth of Nigeria.
The study is significant to the academic community as it will contribute to the existing literature.
Scope of the study
The study focus on corruption and economic development in Nigeria: A case study of president Muhammadu buharis administration 2019-2023. hence, the study will assess the factors responsible for corruption in Nigeria, investigate the effect of corruption on the socio-economic development of Nigeria, examine the magnitude of the impact of corruption on growth and development of the Nigerian economy and find out how corruption can be curbed in the Nigerian society. Hence, the study is delimited to president Muhammadu buharis administration 2019-2023.
1.8 Limitation of the study
Like in every human endeavour, the researchers encountered slight constraints while carrying out the study. Insufficient funds tend to impede the efficiency of the researcher in sourcing for the relevant materials, literature, or information and in the process of data collection (internet, questionnaire, and interview), which is why the researcher resorted to a moderate choice of sample size. More so, the researcher will simultaneously engage in this study with other academic work. As a result, the amount of time spent on research will be reduced.
1.9 Definition of terms
Corruption: dishonest or fraudulent conduct by those in power, typically involving bribery.
Economic development: a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.
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