FOREIGN AID AND ITS EFFECTS ON NIGERIAN ECONOMIC GROWTH AND DEVELOPMENT

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FOREIGN AID AND ITS EFFECTS ON NIGERIAN ECONOMIC GROWTH AND DEVELOPMENT

Abstract

This study sets out to investigate foreign aid and its effects on nigerian economic growth and development. It will ascertain whether foreign aid has impacted positively or negatively to Nigeria economic growth and development. Documentary method will be used in data collection, content analysis and ex-post facto research design will also be adopted. The study anchors on dependency theory propounded by the dependents in the late 1960s and 1970s. Based on the analysis, the major findings foreign aid comes with conditionality that ends up effecting the economic growth negatively, also Nigeria lack good economic policy that would have helped in effective use of the aid. It also recommended that Nigeria should come up with adequate economic policy that can scrutinize the conditions of the aid and also make effective us of it to the economic growth and development.

CHAPTER ONE

Introduction

Foreign aid has remained a germane issue in the sphere of international politics and its uniqueness is anchored on the interdependency nature of the world, that is, nation can operate in isolation because they need each other, no country is so self-sufficient that it cannot seek assistance of other nations and also no nation is too poor that it depends holistically on the assistance of other nations. Thus, aid is technically more of a symbiotic relationship in the lexicon of global politics. The term foreign aid according to Oyewole (2008) is the international transfer of public funds in the form of loans or grants either directly from one government to another, otherwise known as bilateral assistance or indirectly through a multilateral assistance institutions agency such as World Bank. It may also include bilateral grants, loans, technical assistance and multinational assistance or public development assistance.

Within the context of this study, foreign aid is simply referred to as the Official Development Assistance which is the flow of official fund which is concessional in character from the developed countries of the West, to the developing countries of the East such as Nigeria. This aid has its primary objectives as promoting the economic growth and development of the less developed nations with conditions.

The above statement implies that foreign aid is not always a free resources flow or transfer, rather, it often arrives with both economic and political conditions that hinders its effectiveness. Critics such as Milton Friedman (1958), Peter Bauer (1972) and William Easterly (2001) argued that aid has failed in its primary objectives: to spur economic growth and development in the developing nations due to attached conditionality and its enlarged government bureaucracies.

Nigeria, like any other developing countries, has been receiving foreign aid from many countries and international intermediary institutions for over five decades of her existence and this aid has been in the form of grants, loans and huge capital inflows, to help promote its economic growth and development but the strings often attached to these aids have landed Nigeria into perpetual indebtedness due to the nation’s poor economic policy that failed to scrutinize attached conditions of the aid that received Ajakpuru Aja (2008) cautioned that Nigeria is at high risk if it opens its door wide to the penetration of profit driven investors and donors. He warned that to accept aid without adequate consideration about the institutional need for its internationalization, is careless about the development effectiveness of the aid.

STATEMENT OF THE PROBLEM

Despite the above, Iyoha (2003) posited that “for Nigeria to benefit from foreign assistance in the form of aid, the donors must be convinced of the effectiveness of the aid”. This is vital because much of the foreign aids goes directly to the Ministries, Departments or Agencies that uses the fund according to their individual strategic interest instead of channeling it to national productive economic sectors… As a result, foreign aid that was meant to boost Nigerian economic growth and development, has turned to be detrimental to it.

SIGNIFICANCE OF THE STUDY

The aim of this paper is, to explore the significant of foreign aid on Nigerian economic growth development and to demonstrate whether it is beneficial or not.

OBJECTIVES OF THE STUDY

To understand the impact of foreign aid on economic development of Nigeria
To understand the relationship between the receiving if foreign aids and Nigeria socio-economic development

RESEARCH QUESTIONS

What is the impact of foreign aid on economic development of Nigeria
What is the relationship between the receiving if foreign aids and Nigeria socio-economic development

RESEARCH HYPOTHESIS

H0: There is no relationship between the receiving if foreign aids and Nigeria socio-economic development

H1: There is a relationship between the receiving if foreign aids and Nigeria socio-economic development

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