THE IMPACT OF CORRUPTION ON SUSTAINABLE DEVELOPMENT IN NIGERIA: A COMPREHENSIVE VIEW

Abstract

Development scholars, not satisfied with the traditional economic measures of development in the 1960s, clamoured for more direct attacks on the widespread absolute poverty, increasing inequitable distributions and rising unemployment in less developed countries. The experiences of the 1950s and 1960s, when many developing nations reached the economic growth targets; defined as economic development in traditional economic literature, without change in the levels of living of the masses of people engendered such frontal attacks. Hence, the new economic view of development, where scholars like Amartya Sen, Dudley Seers, Denis Goulet, among others made immense contributions. Diverse theories of corruption abound, but the theories of redistributive corruption and extractive corruption were discussed. The paper attempts to examine the impact of corruption on the three key indicators of under development; absolute poverty, income inequality and unemployment, to arrive at a comprehensive view of corruption and sustainable development in Nigeria. Drawing conclusions from various empirical works, it was presented that there is strong positive correlation between corruption and poverty. A positive correlation between corruption and income inequality as well as corruption and unemployment. In essence, corruption has a strong native impact on sustainable development in Nigeria. The following recommendations were made: The country should adopt true Fiscal Federalism, Proper electoral reforms should be made, Build strong institutions as well as stipulates stringent punishment for those who commit economic and financial crimes.