
Nigeria’s GDP will nearly quadruple by 2030 if the country reduces corruption to the current levels in Malaysia, PricewaterhouseCoopers (PwC) has projected in its “Impact of Corruption on Nigeria’s Economy” report seen by TheCable.
The professional services firm painted similar scenarios assuming Nigeria reduced corruption to the current levels recorded in Ghana and Columbia. Nigeria’s GDP at as December 2014 was $513 billion — making it Africa’s biggest — but PwC reckons that it would have been $626 billion had the country witnessed the lower corruption levels in Ghana; $606 billion compared to Colombia’s; and $698 billion compared to Malaysia’s.

The current levels of corruption in Nigeria could cost the GDP up to 37% if it is not dealt with “immediately”, PwC said. PwC In GDP per capita terms, this cost is equated to around $1,000 per person in 2014 and nearly $2,000 per person by 2030. In picking Ghana, Colombia and Malaysia for the comparative study to build the scenarios,


It is also manifested in weak investment, especially FDI, “as it’s harder to predict and do business”, and it means “lower human capital as fewer people, especially the poor, are unable to access healthcare and education”, PwC said. The report has been presented to Vice-President Yemi Osinbajo, who is the chairman of the National Economic Council, on Friday.

Culled from cable news
#AkwaIbom
0 comments :
Post a Comment