Corruption and implications for industrial development in Nigeria

Corruption is the bane of Nigeria’s socio-economic development. This paper specifically examines critically how corruption and other associated factors led to the failure of two state-owned public institutions (automobile and steel industries) that would have launched the country into an industrial nation to reckon with, not only in Africa but also in the entire world|. Locating corruption in Nigeria within the theoretical context of neo-colonial political economy which stifled the economy led to the followings: profligacy of the state, nepotism  and ethnicity in recruitment and promotion of public officers and personnel to manage the affairs of these industries as well as the unbridled accumulation of material wealth by the officers and personnel themselves at the expense of the public institutions. The hope and aspiration of Nigeria becoming an industrialised nation has been dashed. The paper concludes that unless there is a concerted effort by the state and all other stakeholders to fight against corruption in the system, the hope and aspiration of industrial development in Nigeria will remain a mirage.   Key words: Corruption, industrial development, political economy, structural adjustment.