OMOWUMI YUSUF
Abstract
This study examines the impact of corruption on economic policies and development in Nigeria, with a particular focus on leadership accountability from 1960 to 2024. Despite Nigeria’s vast resources and economic potential, corruption has significantly undermined economic growth, weakened policy implementation, and diminished public trust in governance. Using a historical and analytical approach, this research traces the evolution of corruption in Nigerian leadership, analyzing how various administrations have contributed to or combated corrupt practices. By examining key economic policies and development programs, the study explores the extent to which corruption has distorted economic objectives, inhibited foreign investment, and led to uneven wealth distribution. Through qualitative and quantitative data, this analysis reveals the structural challenges posed by corruption and highlights instances where accountability mechanisms have succeeded or failed. The findings underscore the urgent need for stronger institutional reforms, transparent governance, and effective policy enforcement to foster sustainable development and economic stability in Nigeria.
Keywords: Economic policies, Development, Nigeria, Leadership, Accountability.
Introduction
Corruption, broadly defined as the abuse of public office for private gain, has become a pervasive challenge in many countries, and Nigeria is no exception. It not only compromises governance and accountability but also impedes economic development, perpetuates inequality, and erodes public trust in government institutions.[i] In Nigeria, corruption has been a longstanding issue, affecting both civilian and military administrations, stunting national progress and development. The historical roots of corruption in Nigeria can be traced back to its colonial past, where it became institutionalized as a tool of governance by colonial administrators.[ii] Over the decades, corruption has entrenched itself in every facet of Nigeria’s political and economic systems, shaping national policies and governance outcomes.
Corruption in Nigeria has consistently undermined the potential for good governance and economic development. Defined by Transparency International as the “misuse or abuse of power for personal gain,” corruption in Nigeria has manifested in various forms, including embezzlement, bribery, nepotism, fraud, and cronyism. The petroleum industry, one of Nigeria’s most significant sectors, has been particularly susceptible to corruption, with billions of dollars diverted from public funds into private hands.[iii] The military regimes, particularly from 1966 to 1999, entrenched practices that favored personal gain over national development, while civilian administrations have not been immune to these practices.[iv] The Petroleum Trust Fund, the Cement Armada Scandal, and the notorious looting of state funds during General Sani Abacha’s regime are glaring examples of how corruption has plagued governance in Nigeria.[v] These events, among many others, have had a profound impact on economic policy, leading to misallocation of resources, poor infrastructural development, and social unrest.
[i] Onyekpe, N., Corruption in Nigeria: A Historical Overview. In Nigeria: A Political Economy ofCorruption and Development. University Press, (2009).
[ii] Shaxson, N., Poisoned Wells: The Dirty Politics of African Oil. Palgrave Macmillan, (2007).
[iii] Transparency International, Corruption Perceptions Index, Transparency International, (2020).
[iv] Adebayo, A., Abacha’s Loot: The Political Economy of Corruption in Nigeria. Nigerian Economic Review, 39(4), (2015), 102-121.
[v]Ezeani, E., Corruption in Nigeria: Causes, Effects, and Remedies. In Corruption andGovernance in Africa. African Research and Documentation, (2007),76-95.