Global Advanced Research Journals! Welcome::::::GARJHPSIR>Coker et al.: Corruption and direct foreign investments in Nigeria: Challenges of implementing anti-corruption programmes under Obasanjo, 1999

Without doubt, Corruption and other related vices constitute a substantial component of doing business in Nigeria. This paper illustrates that these vices not only constitute criminal offence, but also discourage the flow of foreign investments into Nigeria. Obasanjo on assuming office in 1999 declared the fight against corruption and related offences as his number one policy thrust, and took seemingly bold steps to remedy the situation. However, it is revealed that Obasanjo efforts were not very impressive due to politicisation and blackmail; constitutional immunity clause constraints; public apathy and doubtful attitudes towards anti-corruption task; and, re-establishing the rule of law, etc. in view of these challenges we recommend among others as follows: a clear definition concept of corruption from the legal, socioeconomic and political perspectives; the Act enacting anti-corruption agencies should clearly demonstrate the multifarious nature of corruption and other related offences and appropriate sanctions provided; the immunity granted certain public officers should be removed in order to discourage corrupt practices and other related vices by public office holders; the Customs, Police and Immigration departments should be overhauled, and corrupt officials relieved of their duties; collaborations by multinational corporations/government and indigenous agents should be severely penalized; and, Foreign governments and international financial institutions should assist Nigeria locate and repatriate looted monies from the country by the past and present public officers.

Keywords: Corruption, rule of law, directs foreign investments, anti-corruption programmes.