WORLD BANK AND CRISES OF DEVELOPMENT IN NIGERIA (1999 TO 2008)

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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
1.1 Introduction ——————————————————————— 1
1.2 Statement of Problem ——————————————————— 3
1.3 Objectives of Study ———————————————————— 6
1.4 Significant of Study ———————————————————– 7
1.5 Literature Review ————————————————————— 9
1.6 Theoretical Framework ——————————————————- 23
1.7 Hypotheses ———————————————————————- 30
1.8 Method of Data Collection/Analysis —————————————- 30
CHAPTER TWO: LOAN CONDITIONALITIES AND DEVELOPMENT
ASSISTANCE TO NIGERIA
2.1 World Bank/IMF Loan Conditionalities and the Obligations of
Recipient States —————————————————————- 32
2.2 Nigeria’s Commitment in Implementing these Loan
Conditionalities —————————————————————- 36
2.3 World Bank/IMF Increased Development Loan Assistance to
Nigeria ————————————————————————– 42
CHAPTER THREE: DEVELOPMENT LOAN ASSISTANCE AND ECONOMIC GROWTH
3.1 Overview of Nigeria’s Economic Growth between 1999 – 2008 ——— 51
3.2 World Bank/IMF Development Loan Packages between 1999 – 2008 — 53
3.3 Effects of World Bank/IMF Development Loans on Nigeria’s
Economic Growth ————————————————————– 60
3.3.1 The Millennium Development Goals and Nigeria’s Economic
Growth ————————————————————————— 63
3.3.2 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
4.1 Nigeria’s Ability and Commitment to Debt Servicing ——————– 68
4.2 World Bank’s Increment of Credit Portfolio to Nigeria ——————- 77
4.3 Nigeria’s Debt Servicing Policy Vis-à-vis World Bank’s Credit
Policy: An Interface Analysis ———————————————— 87
CHAPTER FIVE: SUMMARY AND CONCLUSION
5.1 Discussion of the Findings —————————————————— 102
5.2 Conclusions ———————————————————————– 103
5.3 Recommendations —————————————————————- 105
Bibliography —————————————————————————– 106

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