EFFECTS OF ECONOMIC AND FINANCIAL CRIMES ON SUSTAINABLE DEVELOPMENT: NIGERIAN EXPERIENCE

E.Q OKOLIE

Abstract


Arguably, the Nigerian Society is bedeviled by the specter of real, clear and present danger of economic woes, economic and financial crimes as well as other non-violent crimes which are adverse to sustainable economic development. There is no gainsaying that developmental efforts have been marred by economic and financial crimes including corruption, abuse of office and corrupt practices. Economic and financial crimes do not only undermine the economic well being of the people but also threaten the Nigerian nascent democracy and the rule of law as they provide the breeding grounds for terrorism, insurgence and other non-violent crimes to thrive. It is however shocking and embarrassing that despite the litany of laws, agencies and institutions put in place to checkmate and/or rather combat the economic and financial crimes, the menace has continued to rear its ugly head in the Nigerian Political economy. This paper therefore examined the social economic dynamics of economic and financial crimes and other non-violent crimes as well as their causes. To achieve the above objective, this paper aimed at determining the effects/implications of economic and financial crimes and other non-violent crimes on the sustainable economic development on a Nigerian State and ways to effectively and completely eradicate this economic scourge or at worst, reduce same to the barest minimum through the instrumentality of the laws, provision of good governance, re-orientation of the citizenry on the evil of this cankerworm, rejigging and strengthening the law enforcement and regulatory agencies to do the needful within the ambit of laws in providing for a society that is free from the economic and financial crimes, corrupt practices and other non-violent crimes in Nigeria.

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