While there is a plethora of empirical studies on the relationship between corruption and economic growth, the transmission channels through which corruption affects economic growth have not been well documented in the literature. This... more
While there is a plethora of empirical studies on the relationship between corruption and economic growth, the transmission channels through which corruption affects economic growth have not been well documented in the literature. This study therefore investigates the effects of corruption on economic growth in Nigeria especially with respect to the transmission channels using Seemingly Unrelated Regression (SUR) model (SUR). Secondary time series data sourced from Transparency International, Central Bank of Nigeria (CBN) Statistical Bulletin and World Development Indicators (WDI) for the periods of 1987 to 2017 were used. The result reveals that corruption affects economic growth through investment (GFCF), human capital (HC) and ICT expenditure channel and recommends that government should strengthen the anti-corruption agencies in order to holistically fight corruption at all levels. Keywords: Corruption, economic growth and seemingly unrelated regression model.
This peer review conceptual paper explores the impact of internal audit on improving anti-money laundering (AML) and counter-terrorist financing (CTF) controls in Nigeria. The study aims to examine the role of internal audit in enhancing... more
This peer review conceptual paper explores the impact of internal audit on improving anti-money laundering (AML) and counter-terrorist financing (CTF) controls in Nigeria. The study aims to examine the role of internal audit in enhancing AML/CFT controls and to identify any limitations or criticisms of internal audit in this context. The researchers conducted a search for research papers published between 2015 and 2023 on the impact of internal audit in improving and AML/CTFT suing the Google Scholar Search Engine, EBSCO Hosts, Science Direct, JStor and Emeralds. The Selection Criteria for the relevant articles are the keywords in the theme of the research. The selected journals were reviewed, analysed and synthesized. The paper concludes that internal audit plays a crucial role in improving AML/CFT controls in Nigeria and suggests that internal auditors should be more involved in the design and implementation of AML/CFT controls. The paper recommends that the internal auditor must ...
Nigeria is the largest economy in Africa and the largest exporter of crude oil in Africa, yet Nigeria has a huge foreign debt portfolio and weak institutions. It is against this backdrop that this study examines the impact of foreign debt... more
Nigeria is the largest economy in Africa and the largest exporter of crude oil in Africa, yet Nigeria has a huge foreign debt portfolio and weak institutions. It is against this backdrop that this study examines the impact of foreign debt and institutional quality on economic performance in Nigeria. Data used for the analysis were quarterly data that ranges from 1996Q1 to 2019Q1. Foreign debt service was used as a measure of foreign debt while corruption control and government effectiveness were used as measures of institutional quality. Economic performance which is the dependent variable was measured using Gross Domestic Product. The study also examines how institutional quality influences the relationship between foreign debt and economic performance in Nigeria. Autoregressive Distributed Lag Model was used to specify and estimate the relationship between the variables. The result of the analysis indicates that foreign debt has an insignificant negative effect on economic performance in the short run and also negative insignificant effect in the long run too, corruption control has a significant positive effect on economic performance only in the short run, Government effectiveness does not have a significant effect in the economy, being the two; the short run and the long run, on that account corruption control influences the relationship between foreign debt and economic performance significantly and negatively only in the short run but also positively and insignificantly in long run. Mechanism should be put in place to ensure that foreign debts are properly utilized on the projects they were meant for.
The menace of corruption and the fight against it the world wide has been a major preoccupation amongst pundits and administrators, especially amongst the third world countries. The existence of Anticorruption Agencies virtually in all... more
The menace of corruption and the fight against it the world wide has been a major preoccupation amongst pundits and administrators, especially amongst the third world countries. The existence of Anticorruption Agencies virtually in all countries of the world justifies this assertion. While some of these agencies in their countries of operations succeed others are still grabbling with the dynamics and complexities of the scourge thus looking for a durable methodology to curtail it spread. This paper assessed the perception of Nigerian on the strength of the EFCC against its functional responsibilities to determine the adequacy and appropriateness of the powers. The research is a survey type that explored both primary and secondary sources. The primary data were gathered through administration of questionnaire with a content analysis for the secondary data. Relying on Structural Functional theory, the study reveals among other things that, EFCC lacks adequate prosecutorial powers; it ...
While there is a plethora of empirical studies on the relationship between corruption and economic growth, the transmission channels through which corruption affects economic growth have not been well documented in the literature. This... more
While there is a plethora of empirical studies on the relationship between corruption and economic growth, the transmission channels through which corruption affects economic growth have not been well documented in the literature. This study therefore investigates the effects of corruption on economic growth in Nigeria especially with respect to the transmission channels using Seemingly Unrelated Regression (SUR) model (SUR). Secondary time series data sourced from Transparency International, Central Bank of Nigeria (CBN) Statistical Bulletin and World Development Indicators (WDI) for the periods of 1987 to 2017 were used. The result reveals that corruption affects economic growth through investment (GFCF), human capital (HC) and ICT expenditure channel and recommends that government should strengthen the anti-corruption agencies in order to holistically fight corruption at all levels. Keywords: Corruption, economic growth and seemingly unrelated regression model.
Corruption as a “monster” subverts public institutions and their capacity to perform their assigned tasks efficiently, thereby damaging the substantive interest and endangering the lives of citizens whom these institutions are meant to... more
Corruption as a “monster” subverts public institutions and their capacity to perform their assigned tasks efficiently, thereby damaging the substantive interest and endangering the lives of citizens whom these institutions are meant to serve. This indicates that the higher the propensity and will of the state to combat corruption the lower the dangers underdevelopment and societal disintegration, and vice-versa. The main objective of the study is to assess the role of the Economic and Financial Crimes Commission in combating corruption. The secondary source of data collection was used for this study. The study revealed that political interference hinders the EFCC from performing its role in the fight against corruption. Also, the study also found out that the EFCC has played a role in reducing the level of corruption in the public sector. It was recommended that the federal government should be committed to the sincere translation of the expressed political will of fighting corruption into reality by allowing the anti-corruption institutions to operate without political intervention in order not to compromise with their statutorily assigned responsibilities.
This study empirically analyses the impact of corruption on economic growth in Nigeria, using time series data for the period 1980-2015 analyzed through the ARDL technique. The result of the Bound test confirmed the existence of... more
This study empirically analyses the impact of corruption on economic growth in Nigeria, using time series data for the period 1980-2015 analyzed through the ARDL technique. The result of the Bound test confirmed the existence of Cointegration among the variables. The ARDL results revealed that corruption has a significant negative influence on economic growth both in the short run and long run. It was further confirmed that external debt, agricultural output, and human capital development positively impact growth while FDI and inflation rate endanger growth, in both the short and long run. The result of the interacting term revealed the damaging influence of corruption on the positive impact of human capital expenditure and external debt on economic growth. Based on the findings of the study, it is obvious that achievement of growth that is sustainable will remain elusive in a corrupt environment. The study, therefore recommends that government should strengthen the activities of t...
This work is the analysis of Nigeria’s efforts to counter terrorism and criminal financing (TCF). It shows that criminal and terrorist groups in the country fund their operations through illegal financial infrastructure embedded in the... more
This work is the analysis of Nigeria’s efforts to counter terrorism and criminal financing (TCF). It shows that criminal and terrorist groups in the country fund their operations through illegal financial infrastructure embedded in the Nigerian financial sector. To counter and deny this malign non-state actors access to funds that could be used to destabilize the state and compromise the integrity of financial institutions in the country, Nigeria deployed several strategies. By using qualitative research methodology, and historical, descriptive and narrative styles, the research discovered that Nigeria used both institutional (Economic and Financial Crimes Commission - EFCC and Nigerian Financial Intelligence Unit - NFIU) and legal-cum-financial (Terrorism Prevention Amendment Act – TPAA and Anti Money Laundering/ Combating Financing of Terrorism - AML/CFT) instruments to disrupt TCF in the country. In its conclusion, the work argues that Nigeria will have to be strategic in its response if it hopes to effectively counter TCF. This strategic response, the work discovers, will involve the extensive use of the technical and financial expertise of international anti-money laundering bodies like the EGMONT Group and Financial Action Task Force (FATF).
Le Nigeria incite l'observateur à ériger la prudence en un discours de la méthode. Au fil des décennies les diagnostics alarmistes que sa situation suscite sont devenus indissociables des envolées lyriques qui rappellent périodiquement... more
Le Nigeria incite l'observateur à ériger la prudence en un discours de la méthode. Au fil des décennies les diagnostics alarmistes que sa situation suscite sont devenus indissociables des envolées lyriques qui rappellent périodiquement l'importance des ressources énergétiques, la taille du marché ou la réussite du diaspora et d'entrepreneurs qui savent tirer parti des opportunitiés qu'offre la première économie de l'Afrique.
