Interrogating the International Monetary Fund (IMF) Policies in Nigeria, 1986-2018

From the 1980s, Nigeria's economy has witnessed severe stagnation. While Eurocentric literature pinpoint the Nigerian civil war and her leaders' corruptive tendency as the prima facie, Afrocentric literatures trace the country's economic woes to her historical processes of colonial do...

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Bibliographic Details
Published inCogent arts & humanities Vol. 8; no. 1
Main Authors Isiani, Mathias Chukwudi, Anthonia Obi-Ani, Ngozika, Obi-Ani, Paul, Chidume, Chukwudi G., Okoye-Ugwu, Stella
Format Journal Article
LanguageEnglish
Published Abingdon Cogent 01.01.2021
Taylor & Francis Ltd
Taylor & Francis Group
Subjects
Core curriculum
Debt
Economic growth
Economic policy
Economy
Feasibility studies
Foreign exchange markets
Humanities
IMF
Leadership
Nigeria
Policies
Programmes
SAP
Structural adjustment
Nigeria
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Summary:From the 1980s, Nigeria's economy has witnessed severe stagnation. While Eurocentric literature pinpoint the Nigerian civil war and her leaders' corruptive tendency as the prima facie, Afrocentric literatures trace the country's economic woes to her historical processes of colonial domination and economic exploitation. Nevertheless, none of the above arguments underpin more firmly as being the catalyst to the country's economic dysfunction especially when compared to IMF policies in the country. This paper in part, demonstrates that IMF policies in Nigeria vis-a-vis its Structural Adjustment Program (SAP) through its Loan Conditionality is "the crux impediment facing the country." As such, the paper argues that the acceptance of IMF loans during General Ibrahim Babangida's among other misgovernance administration perpetuated the economic woes and fostered the backwardness of the country. Employing primary and secondary sources, the paper posits that a more inclusive economic system devoid of the current extractive economic policies would revitalize its fortunes.
ISSN:2331-1983
2331-1983
DOI:10.1080/23311983.2021.1932283