World Bank and Development Crises in Nigeria (1999 to 2008).
The study examined the World Bank and development crises in Nigeria (1999 to 2008).
The criteria for determining the extent of the World Bank’s development credit assistance roughly correspond to the level of development needs of Nigeria and other African countries.
Does it therefore contribute to the development crisis in Nigeria and other African countries? Exploiting the theoretical framework of functionalism based on the hope that more and more common tasks will be delegated to such specific functional United Nations organizations or agencies as the Bank / IMF; and each of these organizations becomes supranational.
Relevant qualitative data for the study were generated based on the secondary data source. These were analyzed using qualitative descriptive analysis.
On this basis, the study found that there was a positive correlation between the level of credit conditionalities and the increase in development credit assistance for Nigeria.
We also found that there was a positive link between economic growth and World Bank development credit assistance to Nigeria.
Finally, we found that there was no significant correlation between Nigeria’s increased ability to service loans and the increase in the World Bank’s loan portfolio for Nigeria.
Title page ——- i
Approval Page ——– ii
Dedication ————– iii
Recognition ———- iv
Table of contents ———– v
List of Tables —————– vii
List images —————– viii
List of Abbreviations ———— ix
Summary —————— xi
CHAPTER 1: INTRODUCTION
- Introduction ———– 1
- Problem –—— 3
- Study objectives ——————- 6
- Important for studies ——————– 7
- Literature review ——————- 9
- Theoretical framework ———— 23
- Hypotheses ——————- 30
- Data collection / analysis method – 30
CHAPTER TWO: CREDIT TERMS AND DEVELOPMENT AID TO NIGERIA
- World Bank / IMF Loan Terms and Recipient State Obligations – 32
- Nigeria’s Commitment To Implement These Loan Terms – 36
- World Bank / IMF increased development credit assistance to Nigeria – 42
CHAPTER 3: DEVELOPMENT LOANS AND ECONOMIC GROWTH
- Overview of Nigeria’s economic growth between 1999 and 2008 ————– 51
- World Bank / IMF development loan packages between 1999 and 2008 ——– 53
- Impact of World Bank / IMF Development Loans on Nigeria’s Economic Growth – 60
- The Millennium Development Goals and Nigeria’s Economic Growth – 63
- The 2020 Vision: Nigeria’s Strive for Economic Development and Maturity ——- 65
CHAPTER FOUR: NIGERIA’S LOAN SERVICE CAPABILITY AND THE WORLD BANK’S CREDIT PORTFOLIO
- Nigeria’s Debt Service Ability and Obligation – 68
- Increase in World Bank loan portfolio to Nigeria ———– 77
- Nigeria’s Debt Service Policy versus World Bank Credit Policy: An Interface Analysis – 87
CHAPTER FIVE: SUMMARY AND CONCLUSION
- Discussion of the results ——– 102
- Conclusions ———— 103
- Recommendations ————— 105
Bibliography ———– 106
Background of the 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 be effectively controlled by it and significantly influenced in nature.
However, the development encompasses areas of economic, political, socio-cultural, technological and individual aspects.
Long before civil rule began in 1999, the lack of electricity for Nigeria’s development was a much debated issue.
First the problem was to be resolved in six months, then in 18 months, then by the end of 2007 when Nigerians were guaranteed 10,000 megawatts of electricity.
In his inaugural address in 2007, President Umaru Musa Yar’Adua also made the provision of electricity a key priority on his seven-point agenda.
He later promised to declare a state of emergency on a project that, through his two petitions, cost the Nigerian people under the Obasanjo government $ 10 billion with nothing to show.
But a week later, power generation had dropped to a miserable 860 MW, an amount not even enough for the state of Lagos. Now President Yar’Adua has promised Nigerians 6,000 MW of electricity before the end of 2009.
It is clear that without electricity there can be no industrial development and all of these great visions of becoming one of the leading economies in the world by 2020 cannot be realized.
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Akpuru-Aja, A. (1998). Basics of modern political economy and international economic relations. Owerri: Data-Globe, Nigeria.
Burchill, S. and Linklater, A. (2001). International Relations Theories. New York: Palgrave.
Deutch, KW (1988). The analysis of international relations (3rd edition). New Delhi / Englewood Cliff: Prentice-Hall International Inc.
Echezona, N. (1998). International Politics in the Post Cold War. Awka: Mekslink Publishers.
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