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Corruption And Economic Growth In Nigeria Essay

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corruption is to become theoretical and less descriptive, it must develop a framework and methodology that will help to measure its effect on economic growth.

2.2.2 Economic Growth Theory
This theory was propounded in reactions to the deficiencies in the Slow-Swan growth theory by Arrow (1962); Lucas (1988); and Romer (1990). This theory is to lay more emphasis on the long-run growth rate of an economy and on the basis of endogenous factors rather than neoclassical growth theory. The Slow-Swan model explains that the long-run growth of output is based on two basic exogenous variables such as population growth rate and level of corruption in the country. Though this theory believes that economic growth is linked with improvement in productivity and reduction in …show more content…

The study observed that corruption impairs and impacts on economic growth but failed to establish the level of impact corruption has on economic growth by not stating whether it is positive or negative.
Adewale, (2011) investigated the crowding out effect of corruption in Nigeria using parsimonious error correction mechanism and employed experimental research design approach for the data analysis and revealed that there is a negative relationship between corruption and output growth in Nigeria. The implication of this is that Nigeria government should introduce a national re-orientation program to educate the people on the crucial need to eradicate corruption in all sectors of the economy and socio-political system.
Okereke, Emeka, Kurotamunobaraomi and Tamunosiki (2016) investigated the impact of corruption in deposit money banks on the Nigeria economic growth. Ordinary least square regression analysis was carried out. It was found that corruption has no significant impact on economic growth

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