AN ANALYSIS OF THE IMPACT OF CORRUPTION ON NIGERIAN ECONOMY

This paper discusses and analyzes the impact of corruption on Nigerian economy. It observed that corruption is as old as the history of the world itself and that corruption has been ubiquitous in complex societies down to the present age. It is also observed that despite different strategies adopted by Nigeria to contend with corruption, the menace remains intractable. The work centers its discussion on the conceptual issues on corruption, typology and forms of corruption, causes, incentives, opportunities for and impacts of corruption in the economy. The paper, in its introduction section, discusses the country’s corruption standing, especially from the view point of Transparency International ranking of the country on its corruption table for the ten-year period 1998 – 2007. It also outlines some initiatives and measures so far taken to curb the menace of corruption in the economy. Finally, it offers some recommendations on how corruption can be fought to a standstill. It concludes by optimistically expressing the view that serious and sincere commitments to counter corruption would involve comprehensive institutional and administrative reforms, and not using  it as a tool to acquire political support and exercise political power.