Economy Reports predicts economic breakdown due to corruption

The deficiency in development can be directly attributed to the looted funds of the past

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Kemi Adeosun play Kemi Adeosun, Minister of Finance (Reuters)
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PricewaterhouseCoopers has submitted a report to the Federal Government on the dangers of persistent corruption on the economy.

The report was received by Vice-President, Yemi Osinbajo when a team led by its Regional Senior Partner, West Africa, Mr. Uyi Akpata, paid him a visit at the Presidential Villa in Abuja.

Based on report released by the organisation, it is believed that the report is a sufficient guide concerning how the government can steer clear the impact corruption challenge can bring on the country.

The statement read, “The results of the study show that corruption in Nigeria could cost up to 37 per cent of Gross Domestic Products by 2030 if it’s not dealt with immediately.

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“This cost is equated to around $1,000 per person in 2014 and nearly $2,000 per person by 2030. The boost in average income that we estimate, given the current per capita income, can significantly improve the lives of many in Nigeria”.

According to the Chief Economist and co-author of the report, Dr. Andrew S Nevin, the firm formulated the ways corruption had impacted the Nigerian economy over time and then estimated the impact of corruption on its GDP, using empirical literature and the PwC analysis.

“We estimate the ‘foregone output’ in Nigeria since the onset of democracy in 1999 and the ‘output opportunity’ to be gained by 2030, from reducing corruption to comparison countries that are also rich in natural resources. The countries we have used for comparison are: Ghana, Colombia and Malaysia.”

Corruption is a major challenge of Nigeria.

The deficiency in development can be directly attributed to the looted funds of the past, in which money allocated for different programmes were taken away by the people in power.

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