Corruption Control and Economic Development in Nigeria: An Empirical Analysis (1997 -2018)

Abstract

This study examined the effect of corruption control on economic development in Nigeria. Data were collected from the World Bank worldwide governance indicator for the period 1997 to 2018. Using ordinary least square technique, the result shows that corruption control was positively insignificant (co-efficient = 0.067843 and probability = 0.7682). The F-probability of the model shows 0.000391 that is less than the significant level of 5%, the study concludes that the independent variables have an overall significant effect on the economic development of Nigeria. From the Granger causality test it shows that if corruption is appropriately controlled, it will bring about government effectiveness. Also, if economic development is improved there will be political stability (i.e. the following will be reduced; insurgency, agitation for resource control, disintegration, hate speech, revolution, etc.). The study, therefore, recommends that the government should legalise some form of settlement like public relation and social responsibility. Also, the government should be able to define clearly between corruptions and looting of the country's treasuries and strengthen the anti-graft organizations in this line. Again, the government should evolve strategies that will improve economic development (i.e. human development index component of per capita income, level of education, and health) to reduce political instability.