The Impact and Consequences of Corruption on the Nigerian Society and Economy

Abstract

There is no doubt that corruption has eaten deep into the fabric of the Nigerian society. Successive governments in the country since independence in 1960 had in recognition of the evil of corruption established programmes and agencies to deal with it. These include the War Against Indiscipline and Corruption (WAIC); Independent Corrupt Practices and other Related Offences Commission (ICPC); the Economic and Financial Crimes Commission (EFCC); etc. Despite the establishment of these agencies and targeted programmes, corruption has continued to ruin every aspect of the country’s national life with serious damages to her image before the international community. Corruption has not only become pervasive in Nigeria but it is more or less a way of life, much to the detriment of the Nigerian society and economy. The paper interrogates the nature of corruption and its implications for national development efforts in Nigeria. The paper concludes that without effectively dealing with corruption in a holistic manner, there can be no meaningful socio-economic and political development of the country. This is because in the opinion of the paper, corruption is evil, which is not reformable but must be removed in its entirety.

Key words: Corruption, Impact, Consequences, Society, and Economy