The Impact of Corruption on the Socio-Economic Development of Nigeria

Abstract

Corruption is a relatively recent phenomenon that affects all facet of activities in Nigeria. However, corruption is rarely mentioned. There are many unresolved problems in Nigeria, but the issue of the upsurge of corruption is troubling. And the damages it has done to the polity are astronomical. In fact, the major factor obstructing her path towards sustainable development is corruption. It was concluded that corruption has had a profoundly debilitating, impact on Nigeria’s socioeconomic development, exacerbating poverty, inequality and social injustice. The effects of corruption in Nigeria includes; stunted economic growth and development, reduced government revenue and public resources, inefficient allocation of resources and mismanagement of public funds, undermined trust in institutions and governance, encouragement of illegal activities and organized crime and disproportionate impact of vulnerable population. Based on the conclusion, it was therefore recommended that the government to strengthen anti-corruption agencies: empower and resource agencies like EFCC and ICP to effectively investigate and prosecute corruption cases. Implement treasury single account (TSA): Consolidate government revenues to reduce mismanagement and embezzlement. Conduct regular audits: ensure transparency and accountability in government finances and contracts.