POLITICAL ECONOMY OF CORRUPTION IN NIGERIA: THE WAY FORWARD

Corruption remains one of the most persistent barriers to effective governance, economic transformation, and sustainable development in Nigeria. Despite numerous institutional reforms, legislative initiatives, and the establishment of specialized anti-corruption agencies, corrupt practices continue to permeate public institutions and governance processes. This persistence suggests that corruption in Nigeria is not merely the result of individual misconduct but is deeply rooted in the country's political and economic structures. Drawing on the theoretical insights of rent-seeking theory, prebendalism, neo-patrimonialism, and dependency theory, this study examines the structural foundations of corruption and the mechanisms through which it is reproduced. Using a qualitative research design based on secondary sources, including reports from Transparency International, the World Bank, the International Monetary Fund, and relevant scholarly literature, the study argues that corruption is sustained by oil dependency, patronage politics, weak institutional accountability, elite capture, and ineffective enforcement mechanisms. The analysis demonstrates that anti-corruption initiatives focused primarily on prosecution and punishment have achieved only limited success because they fail to address the systemic incentives that encourage corrupt behaviour. The study therefore advocates a multidimensional reform agenda encompassing electoral finance reforms, strengthened judicial independence, digital governance, public financial management reforms, and enhanced citizen participation. It concludes that meaningful progress in combating corruption requires structural transformation capable of addressing both institutional deficiencies and the broader political-economic conditions that facilitate corruption.