International Monetary Fund and Crisis of Development in Nigeria, 2000-2014.
ABSTRACT
The incessant development crisis that enveloped the post-colonial Nigerian state amidst externally and internally oriented policy prescriptions coupled with the abundant material and human resources within her territory, has continued to elicit contentions among scholars and policy-makers.
With the transition of Nigeria from the military to democratically elected government in 1999, the then President Olusegun Obasanjo through the instrumentality of the IMF sponsored National Economic Empowerment and Development Strategies (NEEDS) adopted and implemented among other things, the deregulation and trade liberalization reforms, which was touted as a panacea for reconciling the development deficit in the country.
It is in this connection that our study was saddled with the responsibility of interrogating the nexus between the adoption and subsequent implementation of the IMF induced reforms and the persistent development crises in Nigeria in the context of the following questions.
Has the adoption of IMF imposed deregulation policy reduced the Human Development Index in Nigeria between 2000 and 2014?
Has the implementation of IMF policy of liberalization of trade increased the unemployment rate in Nigeria between 2000 and 2014? The study relied heavily on the documentary method of data collection.
However, with the aid of the blended Economic Structuralism and Economic Nationalism analytic approaches combined with the qualitative descriptive method of data analysis, the study argued that the adoption of deregulation and trade liberalization reforms were implicated in the development crisis in Nigeria which manifested in terms of decline in HDI and increase in unemployment rate.
As a corollary of the above, the study recommended for the implementation of two-phased development plan and resort to regional integration development strategy as practical solutions to the persistent development challenges of Nigeria.
TABLE OF CONTENTS
Title Page i
Approval Page ii
Dedication iii
Acknowledgements iv
Table of Contents v
List of Tables vi
List of Figures vii
Abstract viii
CHAPTER ONE: INTRODUCTION
- Background to the Study 1
- Statement of the Problems 6
- Objectives of the Study 11
- Significance of the Study 12
CHAPTER TWO: LITERATURE REVIEW
- IMF Deregulation Policy and Human Development Index in Nigeria— 15
- Liberalization of Trade and Unemployment in Nigeria—— 29
CHAPTER THREE: METHODOLOGY
3 1. Theoretical Framework 43
3 2. Hypotheses 47
3 3. Research Design 47
3 4. Methods of Data Collection 50
3.5. Methods of Data Analysis 51
3 6. Logical Data Framework 53
CHAPTER FOUR: UNDERSTANDING THE INSTITUTIONAL MECHANISM OF THE IMF
- Historicizing the International Monetary Fund— 55
- Functions of the International Monetary Fund—– 64
4 3. Organizational Structure of IMF 69
4 4. Character of the IMF 71
4 5. IMF and the Nigerian Economy 74
CHAPTER FIVE: DEREGULATION POLICY AND HUMAN DEVELOPMENT INDEX IN NIGERIA
- The New Phase of Deregulation Policy in Nigeria (1999-2014)—- 77
- Analysis of Extant Laws Promoting Deregulation Process in
Nigeria from 2000 to 2014 80
- Evaluation of Nigerian Economy under the Deregulation Regime—— 84
- Interrogating the Nexus between the Deregulation
Policy and HDI in Nigeria 93
CHAPTER SIX: IMF POLICY OF LIBERALIZATION OF TRADE AND UNEMPLOYMENT IN NIGERIA
- Contextualizing Trade Liberalization in Nigeria between 2000-2014———— 101
- Understanding the Legal Frameworks of Trade Liberalization
in Nigeria between 2000-2014— 104
- Assessment of Nigerian Economy under Trade Liberalization Policy———— 108
- Trade Liberalization Policy and Unemployment in Nigeria————————- 115
CHAPTER SEVEN: SUMMARY, CONCLUSION AND RECOMMENDATIONS
- Summary 123
- Conclusion 124
- Recommendations 126
BIBLIOGRAPHY– 129
INTRODUCTION
1.1 Background to the Study
Nigeria is situated on the Gulf of Guinea. It is bounded in the North by Niger Republic, in the West by Benin Republic, in the East by Chad and Cameroun.
Its coast in the South lies on the Gulf of Guinea in the Atlantic Ocean. On the map, standing like a top trapezoidal plaque, inclining as if always ready to fall on the slightest push from its western side, Nigeria stands on the slightest push from its western side.
Encased within latitude 4-14 degree N and longitude 3E-15E, and covering a total land area of 923,800 sq.km (356,669 sq mi), Nigeria hovers like a menacing giant, over all other coastal countries of the West African sub-region with a hostile stance (Ozor, 2004: 25).
In terms of size, Nigeria is the world’s 32nd largest country (after Tanzania) and comparable with Venezuela.
With a population of about 174 million inhabitants, it is referred as the most populous in Africa, the seventh most populous country in the world and has one of the largest youth populations in the world (CIA World Factbook: 2014; Holmes: 1987; Library of Congress: 2008).
Nigeria is a home to 36 states with a Federal Capital Territory and further divided into 774 Local Government Areas.
BIBLIOGRAPHY
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Anyiam, C. & Stock, R. (1991). Structural adjustmeng programme and reality of living condition. Boston. South End Press.
Asika, N. (1991). Research methodology in the behavioural sciences. Nigeria: Longman Nigerian Plc.
Balaam, D. N. & Veseth, N. (1996). Introduction to international political economy. New Jersey. Prentice-Hall.