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CORRUPTION, ECONOMIC DEVELOPMENT AND EMERGING MARKETS: EVIDENCE FROM NIGERIA
ABSTRACT
The paper examined the involvement and the role of corruption in the economic advancement of Nigeria. The study is more of expository of the level of corruption in Nigeria. The investigation revealed that there is high level corruption in Nigeria that has refused to decline in spite of the measures put in place by the federal government to curb the menace, and it also found out that, in Nigeria, corruption has a multifaceted dimension and has eaten deep into all the nuclei of the sectors of the Nigerian economy. Besides, it was revealed that corruption is one of the greatest obstacles to the development of the Nigerian economy as it has brought about high level selfishness, misallocation, diversion and improper allocation of scarce resources. On the basis of the realization, the authors made the following recommendations, among others: radical leaders and radical reform are needed in all sectors of the Nigerian economy as was done in the banking sector in 2005; the basic necessities of living must be properly addressed and be guaranteed; minimization of unemployment is absolutely necessary; remuneration of high level public officers should be made more attractive and men of proven integrity should be at the helm of affairs in Nigeria; and living wages that is sufficient to sustain life should be paid to workers. Besides, workers should be provided with credit facilities and non-corrupt allowances to enable them meet up with the necessities of life above values the society, particularly concerning public office and public office holders.
Keywords: Corruption, Economic development, Emerging markets