IN PRINT: Impact of Corruption on Nigeria’s Economy

‘If corruption is addressed in Nigeria, Nigeria’s GDP could be USD534bn higher in 2030’. This disclosure, though on the 17th page, sets the tone of this 24-page report on the impact of corruption on Nigeria’s economy.

In this report, PwC astutely presents the results of its research on the impact of corruption on Nigeria’s GDP, the socioeconomic state of the country if corruption had been combated years ago, the projected long term effects of maintaining current corruption trends, and the outstanding growth potential if corruption is chiseled urgently.

With the use of five (5) clearly defined steps, PwC shows the accuracy of the report. Basing the results on the review of 32 published literature, IMF study, Transparency International Measure of corruption and definition of corruption, as well as Global Corruption Barometer; the writers assert that corruption has badly reduced human capital, investment and economic growth, while it has increased inequality, inequity, tax avoidance, and encouraged poor public finance management, low education and low income, to mention a few.

Besides, an analysis of the corruption reduction levels of three (3) similar natural resource-rich countries as Nigeria: Ghana, Columbia, and Malaysia; is employed to show the ‘might have been’ GDP levels of Nigeria if corruption had been reduced in previous years. The inclusion of these countries’ corruption reduction strategies further serves as options Nigeria could explore.

A timely report, well structured with graphical representations and facts, and a good reference material for any corruption study, this work has further affirmed that the war against corruption in Nigeria must be taken more seriously and urgently.

Publisher: PwC (Price Waterhouse Coopers)

Year of Publication: 2016

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