CORRUPTION AND THE CRISIS OF DEVELOPMENT IN NIGERIA’S FOURTH REPUBLIC

Abstract

There is no doubt that corruption is poisonous to long term development and democracy, corruption may undermine society's capacity to provide opportunities for citizens to meet the basic necessities of life, to this, it is detrimental to social, political and economic development ofany nation. In this paper, attempt is made to conceptualize corruption, development and economic growth. It examines the consequences of corruption on development. The broad aim is to provide a nexus between lack of good governance and crisis of development in Nigeria. Sources of data for the paper are mainly secondary information. The rental state theory isutilized as framework of analysis. This paper revealed that corruption, because of its pervasiveness in Nigeria, has affected investment, development and government expenditure choices. Its consequences on ordinary Nigerian citizens are artificial discomfort and increasing unfold hardship, deepening suffering and misery and rising poverty profile, galloping unemployment and underdevelopment.Absent and collapse of socio-economic services and infrastructures, and insecurity that are undermining democratic governance. The paper therefore recommend among others that: A paradigm shift on Nigeria's political landscape should be advocated as tremendous changes in thepolitics and leadership of Nigeria is needed such that mediocrity will give way for meritocracy (achieved vsascriptive values) as democratic good governance will ensure economic prosperity for all and at the same time ensure a peaceful, strong and virile economy based. In trying to fix our problems, Nigeria leaders should invest in their home countries. This is necessary because without investment, unemployment thrives; poverty, hunger and starvation looms large and most importantly, underdevelopment soars higher than the eagles. The Billions of Dollars stashed away in foreign banks are what is supposed to established industries; recruit people; services their payment; provide essential amenities that will make life worth living. Without these monies on the Nigerian soil, Nigeria can never develop. Therefore, if Nigeria must develops, they most develop themselves by investing all their monies in their land, Nigerian leaders should repatriate those monies lodged in foreign Bank accounts and use them to develop their land.