World Bank and Crises of Development in Nigeria (1999 To 2008).
Abstract
The study investigated World Bank and crises of development in Nigeria (1999 to 2008).
The criteria for determining the magnitude of development loan assistance from the World Bank approximates with the level of the developmental needs of Nigeria and by extension, other African States.
It therefore, contribute to the crisis of development in Nigeria and other African States? Utilizing the theoretical framework of functionalism which is based on the hope that more and more common task will be delegated to such specific functional organizations or agencies of the United Nations like the Bank/IMF; and each of these organizations will become supranational.
Relying on secondary source of data, relevant qualitative data were generated for the study. These were analysed using qualitative descriptive analysis.
On the basis of this, the study unravelled that there is a positive relationship between the level of loan conditionalities and increase in development loan assistance to Nigeria.
Also we noted that there is positive relationship between economic growth and development loan assistance to Nigeria by World Bank.
Finally we remarked that there is no significant relationship between Nigeria’s higher ability to service loans and increase in World Bank credit portfolio to Nigeria.
Table Of Contents
Title Page——- i
Approval Page——– ii
Dedication————– iii
Acknowledgement———- iv
Table of Content———– v
List of Tables—————– vii
List Figures—————– viii
List of Abbreviation———— ix
Abstract—————— xi
CHAPTER ONE: INTRODUCTION
- Introduction———– 1
- Statement of Problem——— 3
- Objectives of Study——————- 6
- Significant of Study——————– 7
- Literature Review——————- 9
- Theoretical Framework———— 23
- Hypotheses——————- 30
- Method of Data Collection/Analysis——- 30
CHAPTER TWO: LOAN CONDITIONALITIES AND DEVELOPMENT ASSISTANCE TO NIGERIA
- World Bank/IMF Loan Conditionalities and the Obligations of Recipient States– 32
- Nigeria’s Commitment in Implementing these Loan Conditionalities— 36
- World Bank/IMF Increased Development Loan Assistance to Nigeria—- 42
CHAPTER THREE: DEVELOPMENT LOAN ASSISTANCE AND ECONOMIC GROWTH
- Overview of Nigeria’s Economic Growth between 1999 – 2008————– 51
- World Bank/IMF Development Loan Packages between 1999 – 2008——– 53
- Effects of World Bank/IMF Development Loans on Nigeria’s Economic Growth—–60
- The Millennium Development Goals and Nigeria’s Economic Growth—- 63
- The Vision 2020: Nigeria’s Drive to Economic Development and Maturity——- 65
CHAPTER FOUR: NIGERIA’S LOAN SERVICING ABILITY AND WORLD BANK’S CREDIT PORTFOLIO
- Nigeria’s Ability and Commitment to Debt Servicing—— 68
- World Bank’s Increment of Credit Portfolio to Nigeria———– 77
- Nigeria’s Debt Servicing Policy Vis-à-vis World Bank’s Credit Policy: An Interface Analysis—– 87
CHAPTER FIVE: SUMMARY AND CONCLUSION
- Discussion of the Findings——– 102
- Conclusions———— 103
- Recommendations————— 105
Bibliography———– 106
Introduction
Background Of Study
Development is a universal attribute of man and matter, of society and nature, but the direction and speed of the process in man and society can effectively be controlled, and in nature, considerably influenced, by him.
However, development involves areas of economic, political, sociocultural, technological and individual.
Long before the onset of civil rule in 1999, the lack of electricity to power Nigeria’s development has been a much discussed subject.
First, the problem was to be solved in six months, then in 18 months, then by the end of 2007, when Nigerians were assured of 10,000 megawatts of electricity.
President Umaru Musa Yar’Adua in his inaugural address in 2007 also made the provision of electricity a major priority in his seven-point agenda.
He later promised to declare a state of emergency on a project which by his two admission had cost the Nigerian people $ 10billion under the Obasanjo administration with nothing to show for it.
But a week after, power generation had fallen to an abysmal 860 MW, a quantity not even sufficient for Lagos state. Now, President Yar’Adua has promised Nigerians 6000 MW of electricity before the end of 2009.
It is clear that without electricity there can be no industrial development and all those grand visions of becoming one of the World’s leading economies by 2020 cannot be realized.
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