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By Elizabeth Onuoha

The Consequences and Implication for our Work of Corruption

Our work of Corruption, Corruption our leaders’ opium of “HIGH”- POWER.

Our beloved country has and is still suffering the anticlimax of this “HIGH” as our leaders continually get intoxicated while demanding for more and in turn depleting our Nation reserves.  This in turn begins to awaken the subconscious of our very existence, questioning the inevitable – where is governance and what has governance dissolved to?

According to Sarah Chayes, corrupt governments are not functioning as a government but as Criminal Organizations bent on extracting maximal resources for personal gain.

Without a well-defined governance structure that seeks to promote transparency and accountability in its legislation, an economy is prone to capitalize on the loopholes ignored by the government thus rather than stand the course of its existence, tends towards the indulgence of corruption.

 What is the antidote of this addiction that poses as a threat to our economy and its livelihood?

Corruption according to Wikipedia “is a moral impunity or deviation from an ideal”. Corruption exudes dishonesty or fraudulent conduct by incumbent power, typically involving bribery.   This negative venture is a vehicle to long-term destruction, driving the people to violent extremes, to mention but a few, robbery, gangsters’, prostitution, fraud etc.

People are driven to these extremes simply because the wealth of the nation does not trickledown thus the poverty rate remains high and the disparity between the rich and the poor is glaringly clear such that even a visually impaired man can identify the gap.

This epidemic can and in the long run will lead to increasing inequality, stagnation of wages and a hallowing out of entrepreneurs from the market resulting from a lack of sustainable business environment. Furthermore, the atmosphere will not be encouraging enough to attracting foreign investment as no investor will gamble their hard earned money in a volatile and unstable environment.

To buttress the aforementioned, according to an article published by the Vanguard November 12, 2013, during the Group of eight (G8) industrial countries meeting, the prime minister of the United Kingdom David Cameron questioned the accountability and transparency of the Nigerian economy when President Johnathan Ebele Goodluck sought financial aid from the G8 asking  what happened to the $100 billion dollars Nigeria made from oil and gas export in 2012, insisting that “lack of accountability and transparency is a big problem in Nigeria” rejecting out rightly to participate in loaning funds to a country for unspecific and transparent infrastructural industrial restructuring. 

The foregoing goes to prove the response to even private businesses from foreign investors who perceive the former to lack transparency and accountability. An economy or business cannot be sustainable without adequate funding- Capital or Operating expenditure. This introduces the financial institution to the equation. National financial institution are somewhat dependable on the international market and financial institution, thus, they must be seen to conform to internationally acceptable standards.

Depleting of the “states” National reserves for personal consumption is height of corruption, however the idea behind laundering these monies to offshore accounts rather than in the growth of the economy is unfathomable yet we all enjoy the luxury of the developed countries, losing our future leaders to “brain drain” as a result of the decay in our system and lack of adequate and good infrastructure – schools, hospitals, pipe borne water etc. – needed for the growth of the general public and its youth to propel good governance and create a trickledown effect on the economy .

The impact of corruption cannot be entirely quantified, it’s an intricacy of webs that when dusted pulls the foundation along with it. This does not imply that the economy will not bounce back if the right structure and leaders are elected, however, it will take a lot of reorientation, reform, and education as well as will power to restore the “state” back to what we may perceive as “its original state”.

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