Corruption and Economic Development in Nigeria: A Theoretical Review

Corruption has had severe negative consequences on the economic growth and development of Nigeria. This paper presents a review of corruption as it relates to the economic development of Nigeria. By using a theoretical method of analysis, the study reveals that corruption has been a deterrent to economic development in Nigeria. The paper is structured into six sections with the introduction as section. Section two discusses the theoretical and conceptual issues in corruption and economic development. Section three presents the nature and extent of corruption in Nigeria from 1960 – 2013. The effects of corruption on the Nigerian economy are identified and discussed in section four. In section five, the study proffers policy recommendations amongst which are seizure of electoral franchise from corrupt officials and motivation of ethical anti-corrupt practices by rewarding honest officials.Keywords: Corruption, Economic Development, Government