Corruption and Its Impact on the Socio-Economic Development of Nigeria

Abstract

Corruption is a universal problem affecting all countries of the world. However, this problem is more endemic in third world countries, Nigeria inclusive. In Nigeria, corruption has become institutionalise. Scholars have discovered that, the problems of corruption have penetrated all sectors of the society- political, social, and socio-economic fabric of the Nigerian society. This study on Corruption and its impact on the socio-economic Development of Nigeria is carried out to examine the courses, nature and its impact on the socio- economic development of Nigeria. This study which relies mainly on secondary data, explores the conceptual and empirical review of the courses, nature, and the impact of corruption on the socio-economic development of Nigeria. In other to provide a good base to understanding the problems under study, Marxist theory of dialectical materialism was explored. The study observed that, corruption is more rampant in developing countries such as Nigeria. Also, corruption has impeded the socioeconomic advancement, and has dented the image and reputation of Nigeria which has adversely affected foreign investment flow into the country. Premised on these observations, the study recommends that, government should strengthen the existing anti-corruption, bodies i.e. ICPC and EFCC by making them truly independent, with adequate funding, and the use of modern techniques for dictating corruption. Moreso, subject/course on corruption should be introduced in our school curriculum to teach our younger ones the negative consequences of corruption from primary to tertiary levels in our educational institutions.