Corruption and Its Impact on Socio-economic Development in Nigeria

Corruption is a universal problem affecting all countries of the world. However, this problem is more endemic in third world countries, Nigeria inclusive. In Nigeria, corruption has become institutionalise, highly malignant and cancerous. Scholars have discovered the problem of corruption has permeated all sectors of the society- political, social, and socio-economic fabric of the Nigerian society. How does this problem of corruption impacted on the socio­ economic development of the Nigeria? It has been observed that corruption in Nigeria has affected the electoral process which lead to bad leadership and governance; infrastructural deficit; educational decline; societal instability, etc. Nigerian government made efforts to stem these ugly effects of corruption by establishing anti­ corruption institutions such as ICPC and EFCC. To be able to do justice to this paper, I wish to employ a descriptive and analytical research method. This will involve content analysis of relevant work related to our topic. In this work, we are using the neo-Marxist theoretical framework to guide our analysis. Lastly, implementable recommendations will be made.