Nigeria-Imf Relationship and Its Impact on Human Rights and Standard of Living in Nigeria

Abstract

<em>This study examines the relationship between Nigeria and the International Monetary Fund (IMF) and also traces its impact on Human Rights and Standard of living. Therefore, it assesses the impact of IMF on Human Rights and the living standards of Nigerians, as it was assumed that Nigeria's relationship with the IMF was the key cause of poverty, social insecurity, economic inequalities and a decrease in people's living standards. Primary data sources, such as official records, newspapers, journals, and books, were used to gather data for research, while the Theory of Human Rights and Dependency Theory was used as the basis for this study. The study discovered that externally enforced economic liberalization does not enhance economic development and degrades government human rights practices. The study also assumed that Nigeria's relationship with the IMF was more detrimental than positive and thus had a direct negative impact on the general standard of living of the people. It was suggested that the government should attempt to diversify the economy, reshape its relationship with international financial institutions, such as the IMF and the World Bank, and provide people with adequate facilities to raise their living standards.</em>

Analysis on IMF Loan Conditions with more Detrimental Impact on the Economy: A Case Study of Nigeria

“…The same consequences were felt as a result of subsidy withdrawal, which aggravated the situation because subsidy removal raised import expenditures. This also harmed industrial firms that depended heavily on imported machinery, replacement parts, and raw materials [51][52][53][54]. As a result, this result can be explained in part by the notion that advanced nations are forcing their conditions on former colonial countries like Nigeria, who have become heavily reliant on natural resource exports like oil [55].…”