**7. Disadvantage of corruption**

Regardless of the benefits of corruption to a nation, the net outcome according to grease the wheels theory is negative [3]. The work of [12] established a negative relationship between corruption and investment, which results in a reduced level of growth in nations with the high rates of corruption. This by extension implies that, as corruption continues to increase, the GDP of such nations continues to fall resulting in a decreased level of growth. An argument that can be put forward against the grease the wheel theory is that, bribery can only affect the growth of a nation positively in the short run but may have a negative effect on growth in the long run. When public officials have opportunities to receive bribe, they may be tempted to change and twist rules in the ways that can continue to bring forth these bribes or "speed money" and by implication causing the inefficiency of the government to continue [6].

This also describes the Nigerian case of prolonged government inefficiency, weak institutions, political, economic and academic instabilities among other factors hindering the growth of the Nigerian economy. Corruption can be found in most of the sectors in the Nigerian economy [3]. Bribery has become the order of the day. Indeed, the existence of bribery has created speed money, which has enhanced growth in the face of weak institutions, and the truth also remains that it has made it easy for both public and private officials to boycott rules and regulations in order to create rooms to favor those who must have offered bribes. By doing that, the institution continues

to be weaker, and the government continues to be inefficient and, on the whole, the general effect on the economy remains negative.

### **8. Corruption and its consequences on economic growth**

Economic growth may simply be referred to as process by which a nation's productive capability increases or an expansion in the gross nation products. A rise in the GDP signifies growth. Given the potential of Nigeria, achieving significant economic growth is feasible. Studies have attempted to understand the effect of corruption on economic growth. While some studies believe that corruption greases the wheels of growth [3], others believe that corruption sands the wheels of growth [3]. Lemke [13] asserts that corruption has a negative impact on economic growth and development of nations at the macro-level.
