Corruption could cripple Nigeria's economy by 2030, PwC

Nigeria could loose close to 37 percent of its GDP to corruption by 2030 if measures are not taken, a report from PriceWaterhouseCoopers has warned.

The report was compiled from over 30 studies which looked at how corruption affects GDP in Nigeria.

“We do not attempt to capture the impact of corruption on growth through the interaction of corruption with other issues that may dampen economic growth.

Therefore, the impact on economic growth from a simulated decrease in corruption will not capture the impact on growth from other factors that independently affect growth. Such factors include: political stability and strength of public institutions among others,” the report states.

The study which has been submitted to the Nigerian government by the professional services firm has called on officials to immediately deal with the phenomenon.

It presents corruption in Africa’s largest economy as a pressing issue affecting public finances, business investment and standards of living.

The report however lauds President Muhammadu Buhari’s anti-corruption drive and recommends long term measures be instituted.

It states that much remains to be done to explore the dynamic effects of corruption which stops Nigeria from achieving its potential.