Connect with us
iubh
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
british airways
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
app

Economy & Politics

Nigeria, now 2nd most corrupt country in West Africa – Transparency International

Nigeria is now the second most corrupt country in W/Africa with Guinea-Bissau the only country more corrupt than Nigeria in the region.

Published

on

Military located bandits in kankara, Q1 2020 National Debt report, Buhari finally speaks on NDDC probe, urges NA to act with a sense of urgency,National Human Rights Commission,Presidency bows to pressure, agrees to demand made by EndSARS protesters, Our economy is too fragile to bear another round of lockdown-Buhari, Zarbarmari: Massacre by Boko Haram is nothing short of senseless, barbaric, gruesome and cowardly- Buhari

The Corruption Perception Index (CPI) 2020 report published by Transparency International indicates that Nigeria occupies the 149th position out of the 180 countries surveyed as well scored 25 out of 100 points.

With the current ranking, Nigeria is now the second most corrupt country in West Africa with Guinea-Bissau the only country more corrupt than Nigeria in the sub-region.

It can be recalled that in the 2019 report, Nigeria was ranked 146th out of the 180 countries surveyed, scoring 26 points out of 100 points.

READ: Nigeria ranks 146 on Global Corruption Index in 2019

READ: Nigeria ranks 8th African country with well-developed electricity regulatory framework

What you should know 

  • The Corruption Perception Index (CPI) is an annual survey report published by Berlin-based Transparency International since 1995 which ranks countries by their perceived levels of public sector corruption, as determined by expert assessments and opinion surveys.
  • The CPI scales zero (0) to 100, zero means “Highly Corrupt,” while 100 stands for “Very Clean”.
  • Nigeria’s ranking on the corruption perception index has continued to drop in the last four years.
  • With the current ranking, Nigeria is two steps worse off than she was in 2018 when she scored 27 points to place 144th out of 180 countries.
  • Only 12 countries are perceived to be more corrupt than Nigeria in the whole of Africa. The countries are the Democratic Republic of Congo, Libya, Equatorial Guinea, Sudan, Somalia, Zimbabwe, Chad, Eritrea, Burundi, Congo, Guinea Bissau, and South Sudan.
  • Somalia and South Sudan remain the most corrupt nations on earth, according to the CPI 2020 ranking.
  • Denmark, New Zealand, Finland, Singapore, Germany, Sweden Switzerland, Norway, The Netherlands and Luxembourg are the least corrupt countries in the world.

Johnson is a risk management professional and banker with unbridled passion for research and writing. He graduated top of the class with B.sc Statistics from the University of Nigeria and an MBA degree with specialization in Finance from Ambrose Alli University Ekpoma, with fellowships from the Association of Enterprise Risk management Professionals(FERP) and Institute of Credit and Collections management of Nigeria (FICCM). He is currently pursuing his PhD in Risk management in one of the top-rated universities in the UK.

1 Comment

1 Comment

    Leave a Reply

    Your email address will not be published.

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Coronavirus

    Lack of vaccine access will reduce Africa’s economic growth compared to rest of world – IMF

    IMF forecasts that Nigeria is expected to grow by 2.5% in 2021 and 2.3% in 2022.

    Published

    on

    IMF discloses immediate priority , Reduce funding oil subsidy - IMF to Nigeria , IMF: 40% of African countries can't pay back their debts , Nigeria among countries that pushed Global debt to $188 trillion - IMF , Coronavirus: World Bank, IMF to support Nigeria and other member countries affected, IMF, World Bank to hold meetings via conference call over Coronavirus epidemic, IMF advises banks to suspend dividend payment

    The International Monetary Fund (IMF) has stated that a continued lack of access to vaccines will see Africa’s projected growth at 3.4% compared to the rest of the world at 6%.

    The IMF disclosed this in its Regional Economic Outlook for Sub-Saharan Africa, April 2021, which was published on Thursday.

    What the IMF said

    • Despite turning out better than expected, growth in 2020 is estimated to have been the worst on record at –1.9 %, leading to a sharp spike in poverty.
    • In 2021, the region’s economy is expected to resume expansion at 3.4%, weaker than the 6% for the rest of the world, amid a continued lack of access to vaccines and limited policy space to support the crisis response and recovery.
    • Macroeconomic policies will in many countries entail some difficult choices. Saving lives remains the first priority, which will require access to affordable vaccines, ensuring that the logistical and administrative prerequisites of vaccination rollouts are in place, targeted containment efforts, and added spending to strengthen local health systems.

    The IMF urged that African leaders needed to create more fiscal space and implement transformative reforms to unlock economic growth. These include mobilizing domestic revenue, strengthening social protection, promoting digitalization, and improving transparency and governance.

    The body added that the need for reforms is to reduce debt and find a sustainable footing which would be a catalyst for longer-term growth and provide opportunities for the region’s new job seekers.

    On growth projections

    • IMF forecasts that Nigeria is expected to grow by 2.5% in 2021 and 2.3% in 2022.
    • South Africa is expected to grow by 3.1% in 2021 and 2.0% in 2022.
    • Kenya is expected to have higher growth at 7.6% in 2021 and 5.7% in 2022.
    • Meanwhile, Ghana is forecasted to grow by 4.6% in 2021 and 6.1% in 2022.

    In case you missed it

    Nairametrics reported earlier this month that the International Monetary Fund had lifted its global growth outlook to 6% in 2021 (0.5% point upgrade) and 4.4% in 2022 (0.2 percentage point upgrade), after an estimated historic contraction of -3.3% in 2020, due to the effects of the COVID-19 pandemic.

    Continue Reading

    Economy & Politics

    Money Printing: Emefiele threatens to recover budget support loans from state govts

    Godwin Emefiele has threatened to recover intervention loans extended to State Governors

    Published

    on

    New CBN guidelines ban MMOs, PSPs, Operators from receiving diaspora remittances

    Central Bank Governor, Godwin Emefiele has threatened to recover intervention loans extended to State Governors following remarks made by Edo State Governor Godwin Obaseki that the government had printed N60 billion to fund government expenditure.

    In response to the question asked by Journalists, Emefiele remarked:

    “In 2015, 2016 the kind of situation we find ourselves now, which is even worse than 2015 2016, we did provide budget support facility for all the states of this country, that loan remains unpaid till now and we are going to insist on the states paying back those monies going forward since they are accusing us of giving them loans.

    The comments appear to be a threat to State Government that the Central Bank will call back loans issued to state governments which could perhaps mean deducting the loans from the monthly Federal Allocations shared between States and Federal Government.

    States and Federal Government have faced severe economic challenges over the last year as Covid-19 Pandemic and the fall in oil prices hurt government revenues. To continue running the government, the central bank lent trillions of naira to the Federal and State Government through several intervention funds often backed by the Ways and Means provisions which allow the apex bank to lend money to the government.

    Godwin Obaseki told his state transition committee members

    ”When we got FAAC for March, the federal government printed an additional N50-N60 billion to top-up for us to share. This April, we will go to Abuja and share. By the end of this year, our total borrowing is going to be between N15 and N16 trillion. Imagine a family that is just borrowing without any means to pay back and nobody is looking at that, everybody is looking at 2023, everybody is blaming Mr. President as if he is a magician.”

    The Finance Minister chastised the governor for making such a comment explaining that

    Hotflex
    Sigma Pensions

    “The issue that was raised by the Edo State Governor for me is very, very sad Because it is not a fact….When we got FAAC for March, the federal government printed an additional N50-N60 billion to top-up for us to share. What we distribute at FAAC is revenue that is generated and in fact distribution revenue is public information. We publish revenue generated by FIRS, the customs, and the NNPC and we distribute at FAAC. So, it is not true to say we printed money to distribute at FAAC, it is not true,” Zainab Ahmed

    Emefiele also attempted to explain the concept of printing money and at some point confused it with lending money. “If you understand the concept of printing of money. Printing of money is about lending money, that is our job. To print is about lending money”

    british airways

    “Money Printing” in economic terms is also referred to as quantitative easing and occurs in a period of a recession or economic crunch. Central Banks pump money into the economy by either buying bonds or crediting the accounts of banks or the government in the hope that this will spur economic growth. The money is often repaid via tax receipts when the economy recovers. The United States recently doled out over 1 trillion to Americans to help them recover from Covid-19.

    Continue Reading

      





    Nairametrics | Company Earnings

    Access our Live Feed portal for the latest company earnings as they drop.