Law, Corruption, and Economic Governance: A Political Economy Perspective on Institutional Failure in Nigeria’s Fourth Republic
DOI:
https://doi.org/10.54536/ajds.v4i2.7912Keywords:
Corruption, Economic Governance, Institutional Failure, Law, Political EconomyAbstract
Corruption is a serious impediment to effective economic governance in Nigeria and an obstacle to sustainable development. Notwithstanding the return to democratic rule in 1999 and the establishment of a multitude of legal and institutional frameworks aimed at tackling corruption, considerable governance deficits, weak public institutions, and poor socio-economic outcomes continue to plague the country. From a political economy perspective, this paper examines law, corruption, and economic governance and its impact on institutional failure in Nigeria’s Fourth Republic. The paper contends that notwithstanding the existence of a wide range of legal and regulatory framework against corruption in Nigeria, the effectiveness of these laws has been undermined by political interference, elite capture, weak enforcement and entrenched patronage networks. Using the lens of political economy theory, a paper examines the relationship between political power and economic interest and how their interaction leads institutional behavior and gets anti-corruption measures implemented. The study employs a qualitative research design that uses documentary analysis of academic literature, government reports, legal documents and publications of international organizations. According to findings corruption has a large impact on distorting public finance management, weakening infrastructure development, erasing domestic and foreign investment, and undermining public service delivery. Moreover, the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) enjoy limited success due to selective enforcement as well as a lack of institutional autonomy. The paper ends by asserting that Nigeria’s institutional failure is not just the absence of laws but the political and economic structures itself that sustain corruption. Key recommendations to improve the economic governance structures and systems towards achieving sustainable development include: strengthening the independence of institutions, implementing judicial reforms and establishing transparency mechanisms and citizen participation.
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