This revelation is exactly the kind of publicity that Nigeria doesn’t need. For a country that prides itself as the gateway to Africa, its image has taken a huge beating. After the successful hosting of the world cup by South Africa, many Nigerians now think that it’s their turn to host a big tournament such as the Olympics. The corruption allegations have brought corruption back at the top of priorities. Many notable people have been taken to court over corruption allegations in the recent past in order to rid the country of endemic corruption.
Such high profile cases not only spoil the country’s image but also the entire continent. How do you convince development partners or investors of the need to invest in your country if you have such high levels of corruption? In today’s world, image is everything and perception is in deed more important than the product itself. As many countries fight to attract the magical foreign Direct Investment (FDI),it will be especially hard for countries perceived to be corrupt to get any FDI.As the economic recession bites in the US and western Europe, many investors are looking for alternative investment destinations. Perceived endemic corruption does not help attract such investors.