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International Journal of Research in Social Sciences
Year : 2018, Volume : 8, Issue : 5
First page : ( 29) Last page : ( 40)
Online ISSN : 2249-2496.

An examination of corruption in Nigeria and its effect on economic growth

Obamuyi M. Tomola11, Akinbobola D. Akinpelumi2

1Professor, Department of Economics, School of Management Technology, Federal University of Technology, Akure, Nigeria

2Lecturer, Department of Banking and Finance, Faculty of Social and Management Sciences, Adekunle Ajasin University, Akungba, Nigeria

Online published on 12 July, 2019.

Abstract

This study examined the effect of corruption on the growth of Nigeria economy from 1999 to 2015. The data was sourced from Central Bank of Nigeria Statistical Bulletin and Transparency International Report. Ordinary Least Square and Granger Causality test were used as the estimation techniques. The findings revealed that corruption perception index (CPI) has an indirect effect on economic growth. It was also revealed that there is uni-directional relationship between CPI and GDP, that corruption perception index granger cause gross domestic product which is significant at 10% level. The study then concluded that corruption does have a negative effect on the growth of the Nigeria economy. However, it wasrecommended that more stringent policies should be implemented to tackle the problem of corruption in Nigeria.

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Keywords

Corruption Perception Index, Corruption, Nigeria, CBN and Economic Growth.

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