Corruption, Institutional Failure and Economic Development in Nigeria
Conceptually, this paper considers corruption as the misuse of public office for private gain(s). Thus, the basic roles of institutions which include efficiency in service delivery are absolutely relegated to the background which by extension impacts negatively on economic performance in Nigeria. Unlike the widely held view that corruption is a manifestation of institutional failure, we suggest that institutional failure is rather a manifestation of corruption in Nigeria. Thus, the Nigerian economy faces enormous challenges and a bleak future unless fundamental steps are taken to redress the legacies of the past. Among the many requirements for curbing corruption is moral regeneration through moral education. This would require the establishment of an institute for ethical studies for public officers and business persons in Nigeria. It would also require Nigerians doing things in fundamentally different ways than in the past to break away from the corruption, institutional failure and poor economic performance trap. Of more relevance is the need for government to restructure the payments, reward and incentive system, especially in the public sector
Keywords: Corruption, Institutions, Economic Development, Transparency and Nigeria.