Macroeconomic Report & Economic Updates

Nigeria Economic Update (Issue 5)

Based on the recently released Corruption Perception Index (CPI) 1, Nigeria is still perceived to be among the most corrupt nations, with a ranking of 149 out of the 180 countries assessed – a higher ranking is indicative of higher corruption. The CPI is based on a scale of 0 to 100; with zero representing extreme corruption and 100 indicating least level of corruption. Nigeria’s CPI score reduced slightly from 26 in 2019 to 25 in 20202, while its ranking worsened, falling from 146 to 149. The increase in perceived corruption may be partly attributable to the reports by civil society organisations on the hoarding and mis-management of COVID-19 palliatives and related supplies. It is therefore imperative that anti-corruption policies are enforced to boost the public trust; as this can affect domestic and foreign direct investments.

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