Institutional corruption has long plagued Nigeria, eroding trust in governance and stifling economic growth.
Development Diaries reports that the World Bank recently noted that Nigeria is far from fighting institutional corruption.
The World Bank, alongside other stakeholders at a recent event, urged the President Bola Tinubu-led government to fight institutional corruption, as it is the best way to ensure sustained growth and development.
The remarks by the World Bank and other stakeholders only point to the obvious on how entrenched corruption undermines transparency, fiscal accountability, and effective service delivery.
For a country seeking economic diversification and sustainable development, these issues represent a critical roadblock.
Corruption has denied citizens access to essential services like education, roads, and electricity, thereby deepening poverty and widening inequality.
The impact of institutional corruption on Nigeria’s economic development cannot be overstated.
It discourages foreign investment, diverts public funds meant for infrastructure, and weakens the financial systems that underpin a thriving economy.
Furthermore, the manual processes riddled with inefficiencies and leakages, as noted by the World Bank, create an environment where public funds are easily siphoned off, depriving the nation of resources essential for development.
These systemic flaws prolong a vicious cycle of underdevelopment, leaving Nigeria ill-equipped to address its pressing socio-economic challenges.
According to a report by the National Bureau of Statistics (NBS) and the United Nations Office on Drugs and Crime (UNODC), in 2023, Nigerians paid an estimated $1.26 billion in cash bribes to public officials, representing 0.35 percent of the country’s GDP.
The report also showed that bribery prevalence in the private sector also increased from six percent in 2019 to 14 percent in 2023.
Furthermore, Nigerians consistently rank corruption as a top national concern alongside cost of living, insecurity, and unemployment.
In 2024, Nigeria ranked 145 out of 180 countries in Transparency International’s Corruption Perceptions Index, scoring 25 out of 100.
For meaningful progress, President Bola Tinubu needs to demonstrate unwavering commitment to tackling institutional corruption.
This requires urgent reforms to strengthen anti-corruption institutions, modernise fiscal data systems, and improve the reliability of public records.
Additionally, the judicial system must be overhauled to eliminate excessive formalism and elitist biases, ensuring swift prosecution of corruption cases.
Addressing these systemic issues will help foster public trust and attract both local and foreign investments, vital for Nigeria’s economic growth.
Development Diaries calls on President Tinubu to lead by example and foster a political culture of accountability, integrity, and transparency.
His administration should prioritise reforms that target the abuse of incumbency and the toxic political environment highlighted by experts to dismantle the structures enabling corruption and build a more equitable and prosperous society.
Photo source: Bola Tinubu
