Corruption and Direct Foreign Investments in Nigeria

Abstract

Although bribery constitutes a substantial component of business conduct in Nigeria, we have illustrated that corruption and other related offences is not only peculiar to Nigeria. Like Nigeria, most developed countries are suffering from the same socioeconomic and political malaise, hence combating it require concerted effort by all. The paper notes that Corruption impacts negatively on the flows of direct foreign investment into Nigeria. The initiative by governments in Nigeria to reduce the incidence of corruption in the country has been discussed, and the problems and gains of such programmes elucidated. We recommend among others; that: all aspects of corruption and related offences must be clearly delineated and appropriate sanctions apportioned; the immunity granted certain public officers should be re-appraised; misappropriation of public money must be accounted for; the activities of multinational corporations must be closely monitored and all acts or corruption and other related offences exposed and sanctioned, and, foreign governments and international financial institutions should assist Nigeria in locating and repatriating looted monies from the country, by present and past public officers. SOPHIA: An African Journal of Philosophy Vol. 9 (1) 2006: pp. 91-100