Author(s)

Juliet Nkonyeasua Ossai

Affiliation(s)

Faculty of Education, Department of Arts and Social Science Education (Social Studies Unit), University of Delta, Agbor, Delta State, 321281, Nigeria.

Corresponding Author

Juliet Nkonyeasua Ossai

ABSTRACT

This study assessed the impacts of corruption on economic development and social welfare in Nigeria. Mixed-methods research design, combining both quantitative and qualitative methods to collect and analyse data. The study collected secondary data from reputable sources such as the World Bank, International Monetary Fund (IMF) and Nigerian Bureau of Statistics (NBS). National bureau of Statistics estimates the entire population at 230,700,000 as of 2024, through the use of Taro Yamane formula, the population size was reduced to 400 sample size. A survey questionnaire of 400 was administered to the respondents in Nigeria to gather data on their perceptions of corruption and its impact on economic development and social welfare of which 291 returned. Findings of the study shows that corruption reduces economic growth by discouraging investment, reduced productivity, increased business cost, led to inefficient allocation of resources, diversion of government funds for private used, exacerbates poverty and inequality, reduced access to healthcare, education, and infrastructure, deters foreign investment, increased mortality rates, and finally increased social unrest by creating inequality. The study concluded and recommended that government should strengthen anti-corruption institutions, increase transparency and accountability, improve access to basic services and promote public participation.

KEYWORDS

Corruption; Economic development; Social welfare; Nigeria

CITE THIS PAPER

Juliet Nkonyeasua Ossai. Corruption, economic development and social welfare in Nigeria. Journal of Trends in Financial and Economics. 2025, 2(1): 24-28. DOI: https://doi.org/10.61784/jtfe3029.

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