1 University of Maryland, College Park, USA.
2 Tswangi Health Development and Research Initiative, Abuja, Nigeria.
3 Paul University Awka, Anambra State, Nigeria.
Research Article
World Journal of Advanced Research and Reviews, 2024, 23(03), 2802-2815
Received on 18 August 2024; revised on 25 September 2024; accepted on 27 September 2024
This article explores the critical role that International Financial Institutions (IFIs), specifically the International Monetary Fund (IMF) and the World Bank, have played in shaping Nigeria's development. Using Nigeria as a case study, the research investigates the impact of IMF and World Bank interventions on the country's economic policies, particularly through structural adjustment programs (SAPs) and development projects. The analysis includes a review of Nigeria’s economic challenges, beginning with its post-independence era, the introduction of SAPs in the 1980s, and the ongoing consequences of these reforms on economic stability, poverty reduction, and public services. The study also addresses the political and social responses to IFI-driven policies and evaluates both the successes and shortcomings of these interventions. Furthermore, the article highlights the lessons that other African nations can draw from Nigeria’s experience with IFIs, particularly in negotiating terms and managing long-term development goals. The future of Nigeria’s relationship with the IMF and World Bank is examined, with a focus on exploring alternative development partnerships and achieving greater economic independence.
International Financial Institutions; African Development; Nigeria; IMF; World Bank; Structural Adjustment Programs (SAPs)
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Oluwafemi Elias, Maimuna Abdullahi and Ikenna Joe-Akunne. The role of international financial institutions in shaping African development: a case study of Nigeria's engagement with the IMF and world bank. World Journal of Advanced Research and Reviews, 2024, 23(3), 2802-2815. Article DOI: https://doi.org/10.30574/wjarr.2024.23.3.2981