Rapid growth and development are two essential desires of societies within the third world countries. But corruption had become the only problem to those desires among underdeveloped countries.
Global rating shows African countries especially Nigeria as one of the top most corrupt countries among others including Zimbabwe. The peculiarity of the highest in corruption index is Zimbabwe dollars by all evidence.
In an attempt to be richest among successive governments in the country, currency changes were used to amass excessive wealth. Successive governments introduced higher denominations of currencies up to trillions which caused over 300% inflation rate and complete collapse of the economy. The country has abandoned their currency due to bloated production of the currency in excess, from the onset, in order to allow excessive looting, the monetary policy allowed an excessive inflow and outflow of cash without regular of circulation.
Corruption affects development through inflation, inflation in turn is determined by the greedy forces of production, supply . Those who owns the means of production and distribution monopolizes the price control system to get richer.
So as the low and middle classes struggle to meet the needs provided by the wealthy, they get poorer while , the rich get richer through the exploitative manipulation of the price system. This is one way the development of societies are affected because, only few could be able to get properties and develop themselves.
Corruption in Nigeria and other African countries , corruption runs in a structural pattern . The political class installs people in positions to get returns. In that way , the system is dominated by a clique of allies with one ideology to protect each other's source of wealth.
Corruption in countries are in different forms.
1. Sex for job
2. Buying of job opportunities
3. Nepotism
4. Favouritism
5. Money Laundering or siphoning
6. Bribery.
Among all the fifth item is the major cause of under elopement in Nigeria and other countries. Culture and tradition places a minor role to development in only rural communities where they resist certain development to preserve lands and other historical properties.
In the time past , several ideas have suggested solutions to the problem of underdevelopment in Nigeria. In 2014, the Nigerian Government suggested Restructuring political powers and administration.
So far all the suggestions have failed and obviously, there will not be changes until, the Chinese communist system of administration is adopted.
A public or political leader must not acquire certain properties and nut not be richer than a certain net worth, with a stipulation of death penalty ( death by hanging). This will certainly stop the excessive looting and siphoning of public funds.
What do you think?
OP, corruption has eaten very into Nigerians and their political class, when you talk about health penalty though is a good idea but have you taken your time to think about this, who are the people to make the law to be functional, the same people guess, if they are not going to acquired a certain stuff, how will they do the existing one, are they going to be ceased by the government in power and with what approach will this be successful, do you know that most of our senators through out their stay in the red chambers don't have any senatorial district project to show, so do you think they will allow such law to take place, even though the lower chamber allows it, the upper chamber will frustrate such good plan.
The solution to the problem of this country is a collective effort by both the government and the people, some action of the government and the politicians is been supported by the people that why is any financial crime is been committed the perpetrators are been allowed to go free without facing the law appropriately, Nigeria have a long way to go in terms of corruption.