CONTROL OF CORRUPTION AND ECONOMIC GROWTH IN NIGERIA
Abstract
Nigeria was rated the most corrupt country in the world in 1996 and 2000 and the country instituted EFCC and ICPC to control corruption and grow the economy for the benefit of all. PricewaterhouseCoopers warns that corruption could cost Nigeria up to 30–37% of its GDP by 2030, equating to nearly $2,000 per person in foregone income and output if decisive reforms are not taken. This study examines the relationship between control of corruption and economic growth in Nigeria from 1996Q1-2023Q4 . To achieve the objective, Error Correction Model was applied for the analysis. The results revealed that controls of corruption at lag 0 and 1 have significant positive relationship with economic growth in Nigeria. The study concludes that control of corruption impacts economic growth significantly. Based on the results, the study recommends that government should be effective in implementing and enforcing some of its laws and policies that are designed to curb corruption and achieve economic growth. Government institutions should be empowered to fight and achieve a corruption free economy.
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