In this report, we use empirical literature and PwC analysis to formulate the ways in which corruption impacts the Nigerian economy over time and estimate the impacts of corruption on the Nigerian Gross Domestic Product (GDP). 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 chose for comparison are Ghana, Colombia and Malaysia.
The results show that corruption in Nigeria could cost up to 37% of GDP by 2030 if it’s not dealt with immediately. This cost is equated to around $1,000 per person in 2014 and nearly $2,000 per person that lives in Nigeria by 2030.