Damning Report Reveals Nigerians Paid N721 Billion in Bribes in 2023

A new report from the National Bureau of Statistics, in collaboration with the United Nations Office on Drugs and Crime, has revealed that Nigerians paid a staggering N721 billion ($1.26 billion) in cash bribes to public officials in 2023. The report, titled “Corruption in Nigeria: Patterns and Trends,” highlights the widespread nature of bribery in the country. On average, each cash bribe amounted to N8,284, up from N5,754 in 2019. Judges topped the list of bribe recipients, with an average bribe of N31,000. Customs and Immigration officials followed with N17,800, while members of the armed forces received N16,600 per bribe. Land registry officials and police officers received N11,700 and N10,400, respectively. The findings also showed that 46% of public officials admitted to offering bribes to secure their employment. This figure is 1.5 times higher than that reported in 2019. Additionally, six out of ten successful candidates in the public sector confessed to using nepotism or bribery to enhance their recruitment chances. The police were identified as the most prevalent in requesting bribes, with 9% of individuals who interacted with police officials reporting such demands. Nurses and doctors followed at 4%, teachers and lecturers at 3%, and public utility officials at 6%. Contact with Federal Road Safety Corps officials and vehicle inspection officers also resulted in bribe requests at rates of 4% and 2%, respectively. The report also noted that individuals with higher education levels were more likely to pay bribes than those with no formal education.

Nigeria, Kenya, Angola to attract increased FDIs amid FX challenges -Report

In the face of significant currency depreciations, Citigroup Inc. predicts that countries like Nigeria, Angola, and Kenya are poised to attract higher foreign investment inflows. This assertion emerges shortly after JP Morgan’s revelation that Nigeria’s net forex reserves stand at an estimated $3.7 billion, a stark contrast to the reported figure of $14 billion. This situation further exacerbates the pressure on Nigeria’s foreign exchange market. On June 14, 2023, the Central Bank of Nigeria (CBN) initiated the unification of all segments of the country’s forex market, consolidating various windows into a single one. This step formed part of a comprehensive effort to bolster liquidity and stability within Nigeria’s forex market. George Asante, Citi’s Head of Markets for Sub-Saharan Africa, shared these insights during an interview in Nairobi, highlighting that nations undergoing significant forex adjustments hold attractive investment prospects. Asante stated, “Countries where we’ve seen significant foreign exchange (forex) adjustments are clear winners from an investment perspective. All these, from a local market perspective, offer opportunities.” Following the forex rate unification and the removal of the controversial petrol subsidy, the Nigerian naira’s performance has declined dramatically against the US dollar, reaching a historic low. Asante recognized the removal of the petrol subsidy as a crucial reform for Nigeria. The merging of multiple exchange rates is anticipated to enhance liquidity. He underscored that the government’s subsequent task is to ensure the smooth functioning of the official forex market following these changes. He expressed confidence, stating, “I believe that this will be a significant catalyst for flows back into the Nigerian market.” Regarding the outlook for Eurobond issuance by African nations, Asante mentioned that market favorites such as Ivory Coast and Senegal are likely to garner substantial investor interest when the market reopens. He highlighted both countries’ stable economic growth rates, diversified economic foundations, substantial IMF programs with associated concessional financing, consistent economic reforms, fiscal prudence, and low debt service costs as key factors. Asante concluded, “These two countries have fairly consistently high growth rates, diversified economic bases, large IMF programs with associated concessional financing and a track record for economic reforms and fiscal prudence as well as low cost of debt service.”