IMPACT OF WAR AGAINST CORRUPTION TO THE ECONOMY OF NIGERIA
1.1 BACKGROUND OF THE STUDY
Corruption is the deliberate endeavour to obtain wealth, authority, and the misuse of public power by illegitimate means in order to serve a selfish interest at the expense of the public. Corruption, like insects, has long been a part of human society and has remained a major issue in many of the world's developing economies,
with disastrous repercussions.Corruption is a common occurrence and a serious problem in every country.It exists and functions to varying degrees in different countries.
It can be found not only in democratic and dictatorial governments, but also in feudal, capitalist, and socialist economies. Corruption is not a new problem; it has been for as long as the earth has existed.
Corruption is a major problem in Nigeria. After taking office in May 2015, President Muhammadu Buhari initiated an anti-corruption campaign. Corruption has an impact on state finances, business investment, and living standards.
Currently, corruption scandals have revealed enormous sums stolen by people of various calibres both inside and outside the country. However, little, if anything, has been done to thoroughly explore the negative impacts of corruption on a country's ability to reach its potential in the long run.
Dishonesty, conversion, diversion, and theft of people's funds and resources have done more harm than good in the country, giving us (Nigerians) a bad reputation and a negative perception of being a mistrustful and dysfunctional country.
This fact has been seen as beyond human comprehension that Nigeria, the African giant, the world's largest crude oil exporter, and a country with numerous natural resources, has 70 percent of its population living below the poverty line as a result of corruption and economic mismanagement.
The majority of Nigerians appear to have no choice but to approve and accept corruption as a way of life; it is now like the nourishment that nourishes the country's body.
Regardless of the misery caused by corruption and mismanagement of the nation's resources, citizens rarely recognise the connection between corruption and underdevelopment, making the suspended hangingwar against corruption more difficult to address.
Corruption is a heinous violation of citizens' human rights and must be investigated as such. There have been calls for a thorough investigation of the court system,
the passage of strict, productive laws, and the reinvestment of revenues recovered from corrupt individuals in the creation of much-needed infrastructure to help the nation's economy.
It is evident that public officials must be raised to a greater degree of accountability, and punitive measures that offer deterrent must become more stringent throughout the system.
The Economic and Financial Crimes Commission (EFCC) is one of Nigeria's most well-known anti-corruption authorities, in responsibility of combating and reducing the country's high rate of political corruption and financial crime.
In recent years, their activities and performance have piqued the public's interest while also fueling constant debate and academic disagreements about whether they have genuinely carried out their statutory purpose since its inception.
As a result, there is no unanimity among researchers and pundits on the EFCC's performance in combatting corruption (war against corruption).
It is one of the countless unresolved issues that have greatly delayed movement and unbalanced progress in Nigeria today. This remains a long-term important political and economic issue for Nigeria. If not adequately addressed, it will continue to eat away at the nation's fabric. It begins as minor corruption and progresses to political / bureaucratic corruption or systemic corruption.
According to World Bank estimates, corruption costs more than $1 trillion every year, accounting for up to 12% of the GDP of countries such as Nigeria, Kenya, and Venezuela (Nwabuzor, 2005). Corruption is on the rise; it is a threat from inside.
It is a canker worm that has eaten deeply into the country's fabric, stunting growth in all areas (Economic and Financial Crime Commission (EFCC), 2005). It is the primary factor for the countries' incapacity to progress rapidly.
Transparency International consistently ranks Nigeria as one of the top three most corrupt countries in the world (Ribadu, 2003). As a result of the resolve to fight corruption and develop the nation's economy, Nigeria has reverted to a relentless pursuit of economic improvement.
1.2. General statement of the problem
Corruption, and its threatening ancillaries such as corruption, nepotism, embezzlement, looting, abuse of power, and so on, is the primary challenge confronting the Nigerian economy.
These variables have rocked the country's economic progress and development. In an attempt to declare total war on corruption, former President of Nigeria, Chief Olusegun Obasanjo, established the Economic and Financial Crime Commission (EFCC) in 2002.
Abumere, quoted in Ezeani and Elekwa (2006:339), recalled that President Obasanjo declared in his inaugural speech on May 29, 1999 that “corruption, the greatest bane of our society today,
will be tackled head on at all levels and ther Unfortunately, corruption is widespread in Nigeria and has become institutionalised to the point that not only are officials corrupt,
but it is officially sanctioned (Clark, 1995:125). Corruption in Nigeria has taken various forms and shapes, such as endemic, planned, and developmental corruption (1991:47), to comment with obvious impatience that these forms of corruption,
particularly endemic, planned, and developmental corruption, are a classic vicious circle capable of completely destroying Nigeria. However, the impact of corruption in any given community cannot be overstated, particularly in the case of contemporary Nigeria.
1.3. goals and objectives of The study
The study's main goal is to investigate the impact of Nigeria's anti-corruption campaign on the country's economy. Other specific study objectives include:
To investigate the extent of corruption in Nigeria.
To ascertain the relationship between corruption and Nigerian economic development.
To assess how to improve Nigeria's battle against corruption.
To assess the amount of success in Nigeria's anti-corruption campaign.
To advise the EFCC on improved ways to combat corruption.
1.4. Research Questions
What effect has the battle on corruption had on Nigeria's economy?
What is the relationship between corruption and Nigeria's economic development?
What steps may be taken to strengthen Nigeria's anti-corruption efforts?
What is the level of success in Nigeria's fight against corruption?
1.5. Research Hypotheses
H0: Nigeria's economy is unaffected by the anti-corruption campaign.
H1: The battle against corruption has an impact on Nigeria's economy.
H0: Corruption does not limit Nigeria's economic development.
H1: Corruption stifles Nigeria's economic development.
1.6. Sigificance of the research
The study would help the Nigerian government boost its anti-corruption efforts by revealing the ramifications of Nigeria's anti-corruption campaign. The study would also be extremely beneficial to students, researchers, and scholars who are interested in conducting additional research on the issue.
1.7. scope of The study
The study is limited to the impact of the fight against corruption on the Nigerian economy, with a case study on the Economic and Financial Crimes Commission (EFCC).
METHOD OF RESEARCH 1.8
The researcher's method will be useful in extracting the relevant information for the investigation.
Information sources must include
The primary source of information will be information acquired from questions answered by respondents using a questionnaire to provide responses in regard to the research topic.
The secondary source, on the other hand, will extract useful information from numerous existing literature resources that are closely related to the research issue.
The required information will be extracted from journals, textbooks, newspapers, and pertinent speech papers that successfully examine linked topics to the fight against corruption in Nigeria, particularly as spearheaded by the Nigerian Economic and Financial Crimes Commission.
Other information sources will be based on the researcher's personal knowledge and information acquired over time.
1.9. Term operational definition
Economic and financial crime corruption, according to the EFCC.
ICPC stands for Independent Corrupt Practices Commission.
CORRUPTION: deception or criminal behaviour, often by strong individuals (such as government officials or police personnel).
ECONOMY: the process or system by which products and services in a country or region are created, sold, and purchased.