THE ROLE OF INTERNATIONAL MONETARY FUND (IMF) IN NIGERIA ECONOMIC DEVELOPMENT: 2015-2025

KOBIOWU OMOLARA FOLASHADE; KANA A. A. EBINI; ABDULLAHI MOHAMMED ABDUL

doi:10.70382/sjhspsr.v11i6.070

Authors

KOBIOWU OMOLARA FOLASHADE Department of Political Science, Nasarawa State University, Keffi Author
DR. KANA A. A. EBINI Department of Political Science, Nasarawa State University, Keffi Author
DR. ABDULLAHI MOHAMMED ABDUL Department of Political Science, Nasarawa State University, Keffi Author

DOI:

https://doi.org/10.70382/sjhspsr.v11i6.070

Keywords:

International Relations, International Monetary Funds, Development, Economic Development, Underdevelopment

Abstract

The International Monetary Fund (IMF) has been a cornerstone of the global financial architecture since its establishment in 1944 with a primary objective of promoting international monetary cooperation, exchange rate stability, and economic growth. It is against this background that this study examined the role of International Monetary Fund’s in Nigeria economic development and investigated the challenges of IMF in Nigeria’s economic development process. The study was anchored on Dependency Theory. Mixed research design which entails both qualitative and quantitative method was adopted. The study’s finding reveals that the International Monetary Fund (IMF) has played a significant role in Nigeria's economic development, influencing policy reforms, providing financial assistance, and offering technical expertise. The study recommended that Nigeria government should enhance Local Policy Adaptation given that there is a significant and positive impact of IMF interventions on fiscal policy reform that became crucial to negotiate terms that allow for greater flexibility in implementing IMF recommendations. Tailoring these interventions to fit Nigeria's unique economic context will ensure that reforms are more effective and sustainable in fostering economic growth.