The Imperative of Risk Management Plan in Curbing Corruption in Public Procurement System in Nigeria

Abstract

Managing Risk in public procurement system is an operational activity that reduces risk of corruption in the process. A good practice in public procurement system involves putting in place measure to understand and manage risk of corruption. In Nigeria, the risk of corrupt practice is very high in the public procurement system; this is so because of some fundamental flaws in the public procurement system. The position of this paper is that the risk of corruption in public procurement can be reduced if not totally eliminated where there is a formal procurement related risk management plan in place. This paper discusses in detail how a formal procurement related risk management can be put in place in the public procurement process.