Corruption and Economic Growth in Nigeria (1980-2013)
DOI:
https://doi.org/10.12724/ajss.35.1Keywords:
Gross domestic product, Government consumption, Inflation, Unemployment growth and corruptionAbstract
Corruption is as aged as the existence of man and it exists in all sphere of human life. The persistency of corruption erodes the social economic value of a nation. The study investigates the relationship between corruption and economic growth in Nigeria, in the period 1980-2013, using the VAR analysis. The study finds the existence of long-term relationship between corruption and unemployment growth on the economic growth of Nigeria. Also, the study found no short-term relationship in corruption and unemployment on economic growth. Hence, the result in the analysis shows that corruption positively has a strong influence on the output of Nigeria. So the rise in growth rate experienced in Nigeria is influenced by high corruption rate in the country, which is making the few rich to be richer, eradicating the middle class and making the poor to be poorer. Therefore, there is a need to develop political will to prosecute anyone found guilty of corruption irrespective of their position, tribe, religion or party affiliation. Such a punishment would also serve as a deterrent to others and help improve real economic growth and development.
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