Corruption Dynamics and Economic Growth in Nigeria

Abstract

Corruption is as old as man’s existence. It manifests in various places, ways, extent and sphere to impede economic growth, including Nigeria. This chapter presents corruption dynamics and its impact on economic growth in Nigeria. Among other things, the chapter reviewed the Nigerian economy in context, with focus on cases and forms (embezzlement, favoritism, bribery, and extortion) of corruption in Nigeria. Other matters discussed are anti-corruption agencies and channels of corruption in Nigeria. Following the review and discussions therein, the chapter concludes that corruption occurs in diverse forms and it is an act that deviates from the extant law. The study further concludes that the persistence of corruption in an economy impedes economic growth. The Nigerian case has proven that the grease-the-wheel assumption cannot hold because the growth of Nigeria has been affected drastically through the existence of corruption. Considering the dimensions that corruption has taken in Nigeria, it has become difficult or even impossible to eradicate corruption in the country, but curbing this cancer worm and reducing it to the barest minimum are of great importance to achieve the level of growth needed and make Nigeria restore sustainable economic growth path.