Abstract

There is a growing world -wide interest over corruption in the past decades. This is not unconnected to the fact that it affects all countries and it has a disastrous effect on the economy and development of any country. This greater recognition that corruption can impede development has ignited the interest of developing countries including Nigeria. Corruption has been identified as the country’s greatest obstacle to development. Many governments in Nigeria have initiated many policies and programmes to curb this menace but sadly corrupt practices have remained unabated. This paper has set some objectives for itself. First, is to identify the causes of corruption in Nigeria. Second, is to discuss the impacts of corruption. Third, is to analyze the challenges of eradicating corruption in Nigeria. Market – Centered Perspective and Low Risk, High Benefit theory were utilized as the theoretical framework. The secondary sources of data were utilized. Narrative report and descriptive essay were utilized as methods of data analysis. The study recommends that the anti – corruption agencies should be revamped and restructured. The EFCC should not be made to investigate, prosecute and recover looted assets alone. A different agency should be incorporated to recover looted assets because allowing only an agency to perform the three functions encourages re - looting of already recovered assets. The 1999 constitution should be reviewed and the power of the executive should be curtailed. The power to appoint, sack and promote the Chairmen of anti – corruption agencies should be taken away from the executive to avoid them being used by the ruling party to hunt perceived opponents.