NIGERIAN ECONOMY: THE IMF AND WORLD BANK INVOLVEMENT TOWARDS DEVELOPMENT

Abstract

World Bank and the International Monetary Fund (IMF) are twin intergovernmental global organization pillars supporting the structure of the world's economic and financial order. In this study, we take a critical look at more than twenty five (25) development packages provided to Nigeria by IMF and WB in the past 25 years with more expected under the present Buhari regime towards better development in Nigeria. This paper uses theoretical and literature reviews to provide a critical analysis of IMF and WB in the development of Nigerian economy since 1994. The role of IMF and WB shall be equally discussed about developing Nigeria and whether the policies, grants and support are well intended or misplaced by the Nigerian leadership. The review therefore calls for a total review of governance and development plans by researchers, Nigerian government, international communities, and most importantly the IMF and WB to ensure that the intents of grants, aids and development agenda is achieved as soon as possible or provide better options for economic development of Nigeria.