504 Journal of Developing Societies 35, 4 (2019): system that ensures that such resources/funds are reinvested into the local economy, it may benefit local businesses. This is, however, the exception to the rule. Thus,
inmost economies, especially in the African continent, high levels of corruption hinder development (Egunjobi, The general view on the effect of corruption on economic development is that it discourages foreign investments and foreign aid and hinders local private investments as well as entrepreneurship and planning. Thus, corruption lowers incentives for investment and leads to a decline in economic growth (ChĂȘne, 2014; Epele, 2006). This problem is heightened by the ongoing insurgency and political instability in certain areas of Nigeria.
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