International Organizations and Development in Nigeria: A Study of International Monitoring Fund (IMF) and World Bank

Abstract

This study is an attempt to investigate the responsibilities of international monetary fund (IMF) and World Bank in the development of Nigeria from 2010-2015. The objective of the study is to assess the relationship between the level of implementation of loan conditions and an increase in development loan assistance to Nigeria by World Bank and IMF, to ascertain whether there is a link between Nigeria’s economic growth and development loan assistance to Nigeria by World Bank and IMF and investigate whether there is any significant relationship between Nigeria’s higher ability to service loans and increase in World Bank and IMF credit portfolio to Nigeria within the period under review. The dependency theory was adopted as the theoretical framework of analysis. The research adopted a qualitative design to describe the various tranche of loan and grants by IMF and World Bank. The result of the findings indicates that although IMF and World Bank claimed to be helping Nigeria and other African countries to deal with the issues of underdevelopment and stagnation through their so called policies that necessitate growth and development, it is found out that these policies are the basic cause of the underdevelopment for Nigeria, that instead of improving equality, has done the reverse by widening income inequality, poverty, food insecurity and hence deteriorating the standard of living of the Nigerian people. However, this study recommends that Nigeria must move on, from solely depending upon International Organisations. An emerging industrialising country would need a number of policies to develop the tangible and intangible infrastructure required to build up a competitive industrial sector. These would involve massive investment in providing such tangible infrastructures as roads, ports, efficient telecommunication and postal services, electricity, and water supply. For this reason, the governments should focus on developing one infrastructure at a time and, must be transparent and accountable and desist from foreign dependence for infrastructural capital.

Keywords: International Organizations, International Monitoring Fund (IMF) and World Bank

DOI: 10.7176/JESD/13-14-05

Publication date:July 31^st 2022