Corruption affects our lives, society and economy. The corruption has affects both major and minor effect on the economic, which have a serious impact on the individual community and country. First, corruption leads to the depletion of national wealth. It causes increased costs of goods and services, the funneling of scarce public resources to uneconomic high profile projects at the expense such as schools, hospitals and roads. Moreover, it causes inflation and imbalanced economic development in market structures which cause economic delay in growth.
The governance of Nigeria is much affected with corruption; our leaders and even the citizenry are not accountable and honest in their dealings (Ogbonna, 2004). However, one of the reasons why Nigeria’s economy seems to be getting worse is because of corruption as it affects the social, economic, and political realm of the country. If corruption is not curbed in Nigeria by 2030, the GDP will be close to 38%. Corruption committees are set up from time to time to tackle corruption cases; the question is, how many of this corruption cases are tracked to a successful end?-If not just to waste finances. Nigeria has been rated as one of the most corrupt countries in the world.
Unfortunately, the industry does not only have beneficial impacts. The constantly increasing industry is destroying the Nigerian environment, because of pollution. Furthermore, there are corrupt politicians in the Nigerian government who are exploiting the revenue from the industry. Not surprisingly, there is a lot of corruption in the private sector as well. How has all this corruption affected Nigeria and what can be done to solve this?
Corruption undermines people’s trust in the political system, in its institutions and its leadership. A distrustful or apathetic public can then become yet another hurdle to challenging corruption; and (4). Environmental. Another form of corruption is th lack of, or non-enforcement of environmental regulation and legislation means that precious natural resources are carelessly exploited and entire ecological systems are ravaged. From mining, logging, carbon offsets, companies across the globe continue to pay bribes in return for unrestricted
Ginsberg and Green (1986) discuss why money possibly influences members of Congress, thus possibly affecting the outcome of certain principles. In addition to corruption affecting the poorest sections of society, the effect of corruption on politics is that it renders the state incapacitated and powerless. Corruption is damaging to the state’s ability to extract taxes, to implement coherent and rational development policies, to redistribute among groups and consequently to its ability to transform the society and the economy according to political priorities. The capacity of the state to extract taxes would be erode when individuals and groups are able to pay their way out, and certainly when public officials are embezzling revenues. When bureaucratic regulations are reorganized, manipulated and operate in a confusing manner, the methods are there to enable bureaucrats to easily collect bribes.
It massively intensifies the organised crime in a country, as criminals bribe law enforcement, the judiciary system and politicians to avoid prosecution and stay in power. The financial incentive from supporting criminals means officials do not give enough national focus to fighting the issue. There is also corruption in the private sector (also known as collusion) for organised criminal groups to carry out money laundering. In general, democratic rather than authoritarian rule is beneficial for organised criminal groups. The more people there are involved in government, the more people can be corrupted, and authoritarian regimes can stifle any small threat of a rival power as soon as it occurs (note – certain nations such as those with dictatorships can use this as a very controversial stance on the issue).
The lottery scamming is smearing the country's reputation internationally, amongst other technological crimes. This has been a big deterrent for foreign investors overseas and locally, in effect affecting our Economic conditions (November 2017). Crime has a negative impact on Jamaica's economic growth. The cost of crime is very high and the effects are both monetary and non-monetary. Crime affects:
Corruption is a complex social, political and economic phenomenon that affects all countries. In Colin Nye’s classical and most widely used definition, corruption is a “behaviour which deviates from the formal duties of a public role because of private regarding (personal, close family, private clique) pecuniary or status gains” (Nye 1967). In short, corruption is the misuse of public power for private gain. Currently the most common types of corruption are bribery, nepotism, fraud and embezzlement. It is necessary to make a distinction between administrative and political corruption.
Why not, corruption is increasingly fertile will increasingly make the burden the state budget deficit is growing. This would then result in the economic system into a "colaps" and lead to increasing inflation makes prices soar increasingly masyarakt needs. The economics of high cost results in an imbalance between the purchasing power of the people to the level of commodity prices, especially for food commodities. Society tends to be forced to accept this situation, despite the collapse of our economic system, is the result of the act of the State officials who rob money for the sake of personal, group and class respectively. In essence, the public is forced to bear the burden does not.
It is necessary to analyse its impact in detail. 2.2 Limited Progress and Bad administration Most of the personnel in the government are waged low salaries and earnings. Therefore some workers revert to corruption for extra economic profits. Corruption is nearly common in many developing countries, and arises mostly when fortune is unequally distributed and power is much unified. Social inequality contributes to growing poverty and increased corruption.