CORRUPTION AND SOCIO-ECONOMIC development IN NIGERIA
CORRUPTION AND SOCIO-ECONOMIC DEVELOPMENT IN NIGERIA
The study aims to investigate the consequences of corruption on Nigeria's economic progress. It identifies the most likely root causes of corruption and the elements that contribute to its amplification in the Nigerian economy.
The paper investigates the visible mechanisms by which corruption impedes Nigeria's economic development. To effectively combat corruption in Nigeria, unselfish, disciplined, and visionary leadership is required.
The Nigerian judicial system should ensure that courts function as “courts of justice” and that the law is practically “blind” in its application.
Furthermore, Nigeria's mode of production should shift from one that fosters and sustains income inequality among the people to one that promotes equity and justice in the allocation of national output.
Without it, anti-corruption tactics implemented in Nigeria will have little or no effect, and corruption will not be reduced, but rather exacerbated.
1.1 Background Of The Study
Corruption is a recurring problem in Nigeria. Corruption is a type of anti-social behaviour by an individual or social group that confers unjust or fraudulent benefits on its perpetrators, is consistent with the established legal norms and prevailing moral ethos of the land, and has the potential to undermine or diminish the legitimate authorities' capacity to provide fully for the material well-being of all members of society in a just and equitable manner.
Corruption, according to President Muhammadu Buhari, is the most serious type of human rights violation. There have been instances of official misappropriation of funds and resources in the country since the establishment of modern public administration.
The rise of public administration, as well as the discovery of oil and natural gas, are two important events that are said to have contributed to an increase in corrupt practices in the country.
This, however, is attributable to colonisation. According to this viewpoint, the nation's colonial history may have limited any early effect in an ethnical revolution; “the trappings of flashy cars, houses, and success, as well as to emulate the colonists in various political ways.”
In the early phases of a nation's growth, involvement in the agenda of colonial rule may hinder idealism. During the colonial era, it was widely considered that colonistfr property (cars, houses, farms, etc.) was not “our” property.
Since Nigeria's independence, the issue of embezzlement and fraudulent operations, mismanagement, economic corruption, lack of accountability and transparency has persisted.
It is affecting the entire population, from the grass roots to the governmental levels. Even the mentally ill in the country could see the devastation wrought by corruption. Evidence abounds that the rate of corruption in Nigeria,
particularly financial crimes such as advanced fee fraud, also known as 419, and money laundering, is worrying. Nigerians are treated with suspicion in all economic transactions within and outside the country, putting the majority of honest Nigerians at risk.
According to Hassan (2004), the federal government should endeavour to execute an intense campaign aimed at eradicating corruption in the country. This is because it has the political will to accomplish this goal. The formation of the EFCC is the most important initiative.
The EFCC was founded by an act of parliament passed by the federal government on December 13th, 2002, and commenced full functioning in 2003. It enjoys the backing of Nigeria's presidency, legislative, security, and law enforcement authorities.
The commission is primarily responsible for the abolition of all economic and financial crimes such as advanced fee fraud, money laundering, counterfeits, future market fraud, fraudulent encashment of negotiable instruments, computer credit card fraud, contracts scam, and embezzlement of public funds, as well as the illegal acquisition of company shares that do not exist to investors.
Our politicians, according to ajaero (2004), are not immune to financial criminality. Politics is now seen as a shortcut to become a rich in Nigeria. Those elected exploit it as an opportunity to rob public monies, transferring them to their personal accounts rather than rewarding the people with democratic dividends.
According to Bajo (2004), corruption has remained a detrimental feature in Nigeria's government and the country's perception in the outside community. It has caused a slew of issues, including the loss of government, brain drain, electoral fraud, and the absence of law and order.
As a result, vandalism and staring at public property were not considered crimes against society. This viewpoint is what has led to the contemporary disdain for public property, as well as a lack of public trust and concern for public goods as communal national property. The government has attempted to contain the problem by enacting legislation and enforcing integrity systems, but progress has been gradual.
Since independence, Nigeria is projected to have lost about $400 billion to corruption as of 2012. Many linked this to flagrant graft, which is prevalent in the country.
Many others criticised greed and an ostentatious lifestyle as potential core causes of these issues. The repercussions of corruption on any society's socioeconomic environment can be so destructive that finding meaningful work in the middle of this malaise becomes impossible.
In the middle of all the threads of corruption, political corruption might be said to predominate. And this is where the possible issue of study comes in. This is because people at the forefront of government activities, the political elite, are responsible for the sharing and allocation of values in society.
This misallocation of these values and resources appears to lie at the heart of Nigeria's Socio-Economic difficulties, as well as the country's multiple social vices. However, for the purposes of this paper, we will restrict it to Akwa Ibom State.
1.2STATEMENT THE PROBLEM
Corruption is prevalent in Nigeria at an alarming rate. It thrives in government in the areas of project costing, phantom workers syndrome, contract awards and subsequent abandonment, large sums of money paid to political godfathers, theft and plunder of public monies.
The effect of these crimes has been absolute insecurity, poor economic management, violations of human rights, ethnic conflicts, capital flight, poverty, and massive wealth inequality in Nigeria, all of which are strongly based in political corruption.
Given its tremendous endowment in both human and material resources, it has remained a serious barrier to Nigerians' lack of appreciable socioeconomic development, particularly in Akwa Ibom State.
The question is how corruption has hampered Akwa Ibom State's socioeconomic growth despite its vast resources.
1.3 OBJECTIVES OF THE STUDY
The following goals were set for this study:
1. To identify the effects of corruption on Akwa Ibom people's life substances, self-esteem, and freedom.
2. Determine the extent of poverty among the people as a result of corruption.
3. Determine the state's level of poverty and infrastructure deterioration.
4. To make recommendations for eliminating corruption in the country.
1.4 RESEARCH HYPOTHESES
H0: In Nigeria, there is no significant association between corruption and economic growth.
H1: In Nigeria, there is a considerable association between corruption and economic growth.
H02: Corruption has not caused the country's infrastructure to deteriorate.
H2: Corruption has caused the country's infrastructure to deteriorate.
1.5 SIGNIFICANCE OF THE STUDY
This research work will be a useful document for future investigations, making it a valuable tool. Furthermore, if the recommendations are followed, this study will provide a framework for dealing with the challenges of corruption and socioeconomic growth in Akwa Ibom State. It would also be a valuable resource for government officials making corruption-related decisions.
1.6 SCOPE AND LIMITATIONS OF THE STUDY
The subject of this study was on aspects or forms of corruption and Akwa Ibom State's socioeconomic development from 1999 to 2011. It will investigate the implications for the socioeconomic growth of the Akwa Ibom people.
a) RESEARCH MATERIAL AVAILABILITY: The researcher's research material is insufficient, restricting the scope of the investigation.
b) TIME: The study's time frame does not allow for broader coverage because the researcher must balance other academic activities and examinations with the study.
c) Organisational privacy: Limited access to the selected auditing firm makes obtaining all necessary and required information about the operations challenging.
1.7 DEFINITION OF TERMS
Corruption is a type of dishonesty committed by someone in a position of authority, usually for personal gain. Corruption can entail a variety of acts, such as bribery and embezzlement, but it can also include legitimate procedures in many nations.
Economic development is the process by which a country improves its people's economic, political, and social well-being.
Socioeconomics is the study of how economic activity influences and is impacted by social dynamics.
1.8 ORGANISATION OF THE STUDY
This research paper is divided into five chapters for easy comprehension.
The first chapter is concerned with the introduction, which includes the (overview of the study), issue statement, objectives of the investigation, research hypotheses, importance of the study, scope and limitation of the study, definition of words, and historical backdrop of the study.
The second chapter emphasises the theoretical framework on which the study is based, as well as a survey of related literature. The third chapter discusses the study's research strategy and methodology.
The fourth chapter focuses on data gathering, analysis, and presenting of findings. The study's summary, conclusion, and suggestions are presented in Chapter 5.