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

Abstract

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.

Policing third-world countries through a system of lending: The socioeconomic and political implications for Nigeria

“…Oftentimes, fingers have been pointed to the country's corrupt leadership, going by the Western powers' analysis, while readings from the soil have indicated colonialism, neo-colonialism, and imperialism of Western domination. However, Isiani et al (2021) maintain that the most pressing position has been Nigeria's economic linkage with the IMF and other instrumentalities of external loans that have over the years enmeshed the country in deeper debts through their imposed conditionality. For example, the Structural Adjustment Program of the IMF loans in the 1990s cemented the country's economic doom until today (Isiani et al, 2021).…”

“…However, Isiani et al (2021) maintain that the most pressing position has been Nigeria's economic linkage with the IMF and other instrumentalities of external loans that have over the years enmeshed the country in deeper debts through their imposed conditionality. For example, the Structural Adjustment Program of the IMF loans in the 1990s cemented the country's economic doom until today (Isiani et al, 2021).…”

“…Key among its functions is "the surveillance" over members' economic policies. This surveillance tilts toward policing the economy of the underdeveloped country through impositions of unfavorable conditionalities for the benefit of the advanced countries (Isiani et al, 2021). Following the initial 40 years of the business of the IMF in Africa, its imposed measures were pre-empted economic adjustments with the pursuit entirely of a decrease in the budget deficit, stringent financial regulation, plus currency depreciation (Isiani et al, 2021).…”