CHALLENGES OF RECESSION AND CORRUPTION ON NATIONAL DEVELOPMENT: THE NIGERIAN EXPERIENCE

Abstract

The paper gives an overview of the Nigeria’s recent experience in corruption which is the root cause of recession and economic situation in the country and has continued to pose challenges to national development in the country. The paper examined some fundamental types of corruption and causes of economic recession in Nigeria. Three theories from the macroeconomics policies were discussed on recession that is the classical theory, Keynesian theory, business cycle theory and how Keynesian model and classical model can be used to remedy the situation. The paper also outlined the effect/implications of corruption which is the root causes of recession on socio-political and economic development. It further highlighted the positive impact of economic recession and finally discussed some solutions to economic recession in Nigeria. The paper concluded that corruption has serious implication to sustainable development. It has stolen the wealth of resources and has made Nigeria a sleeping giant and made the citizens to be trapped in poverty and under-development because the more corrupt a country is, the slower her economic growth rate.Thus, there is need to first eliminate corruption, so that recession can be a thing of the past. The paper provided possible recommendations for combating corruption which included among others that positive transformation of Nigeria can only occur through addressing the root causes of corruption and effective implementation of the legal mechanisms already in place, ensuring the rule of law, good governance, transparency and accountability among others.

Keywords: Corruption, Recession, Economic Development, National Development.