The Implication of Corruption on Economic Progress of Nigeria

The issue of corruption is a universal challenge and has denied many emerging economies good business opportunities. This study makes use of the position of Nigeria in the country corruption ranking captured by Transparency International and the rate of corruption prevailing in the country to assess the degree of influence corruption has on economic growth of the country. The study employs secondary form of data obtained from World Bank Development Indicators and Transparency International which cover a period from 2008 to 2018. The regression result indicates that the country corruption ranking has a significant negative influence on economic growth in Nigeria while the rate of corruption prevailing in the country has a significant positive impact on economic growth in the country. The two results are significant and so the study concludes that the image of the country has been tarnished globally due to the high level of corruption in Nigeria and as internationally perceived. As a result, important investment opportunities elude the country even though the economy is growing with the high rate of corruption prevailing in the country. The study thus, recommends among others that the religious leaders and non-governmental organizations should assist in curbing the menace of corruption by inculcating moral values in the young generation who should grow up to say no to corruption and its attractions. This will go a long way to salvage the future of this great nation.