Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanoye says massive investment in infrastructure is the route to development,
He said this at the Executive Intelligence Management Course 14 of the National Institute for Security Studies in Bwari, Federal Capital Territory (FCT),
He added that that Nigeria requires strong institutions and systems to fight corruption and Illicit Financial Flows (IFFs).
In his paper titled “Governance, Corruption, Rule of Law and Security in Africa”, Prof. Owasanoye expressed that the solution to corruption, economic and security problems slowing the pace of development in the country lies in building strong institutions and systems with active collaboration from state and non-state actors.
“Massive investment in infrastructure is the route to development, he stated.
“Without development, there can be no peace or security and without peace and security, development is a mirage. Corruption and weak governance are mutually reinforced. Corruption and weak governance impact development, peace and security in multiple ways.
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“Diversion of the public budget in the expenditure side of revenue, direct looting of treasury, illicit financial flows (IFFs), tax evasion, misapplication of funds, deliberate elephant projects, and contract and procurement abuse have huge implications for development”.