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CORRUPTION, INCOME INEQUALITY, AND ECONOMIC DEVELOPMENT IN NIGERIA
Abstract
The relationship between corruption, income inequality, and economic development has been a major concern and of course an area of continuous debate because of their devastating effect on economic development. Therefore, the broad objective of this study is to empirically ascertain the impact of corruption and income inequality on economic development in Nigeria. This study employed a factorial research design. The data for analysis was mainly secondary and obtained from World Bank Data, CBN Statistical Bulletin, Transparency International and United Nation Publications. The population of this study consists of data from 1999 to 2017 which is nineteen (19) years. Two control variables were introduced (Education Level and Population Growth) in order to minimize omitted variable bias. The study adopted the ordinary least square regression model. The findings of this study revealed that both corruption and income inequality have significant effect on economic development and are both negatively correlated. This shows that increase in corruption and income inequality will have negative impact on economic development. The study therefore recommends that the government should intensify more efforts in battling corruption within the country through the use of forensic investigative skills in detecting corrupt activities which will now serve as a deterrent for any individual who may want to involve in the act. Also, technological tools should be used to develop institutional trust and block all international loopholes to discourage money laundering.
Key words
Economic Development, Corruption, Income Inequality, Population Growth, Education Level