EFFECT OF CORRUPTION ON ECONOMIC GROWTH IN NIGERIA
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This study is focused on the effect of corruption on economic growth in Nigeria. Hence, the study examined the historical overview of corruption in Nigeria and conceptual discussion. It also reviewed the causes and effects of corruption, without leaving out the dynamics of corruption in Nigeria. Also, the study looked at the relationship between corruption and the Nigerian economic growth. However, the study introduces a new perspective on the role of corruption in economic growth and provides quantitative estimates of the effect of corruption on the economic growth in Nigeria as well as their causal relationship. This study used the ARDL bound test approach. The study adopts annual time series data from the period of 1988-2018. The stationarity properties of the variables were tested using Augmented Dickey Fuller (ADF) and Phillips-Perron (PP) test. Result from the bound test reveals that corruption exact a negative and significant impact on economic growth in the short run and in the long run. The study therefore recommends among others that the activities of the anti-corruption agencies in Nigeria such as the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Related Offences Commission (ICPC) should be strengthened and that our youths need to be re-orientated on moral values.
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