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INTERESTS OF EXTERNAL CREDITORS AND SOCIO-ECONOMIC DEVELOPMENT IN NIGERIA THROUGH FOREIGN LOAN (1980-2019)
A B S T R A C T
This study investigated how external factors like the creditors’ national interest, conditions and policy designs of the creditors through IMF and foreign loan procurement and disbursements processes hindered utilization of foreign loan performance and how aggravate socio-economic underdevelopment of Nigeria. This study adopted modernization theory and engaged descriptive method of data analysis in interrogating literature and data gathered through secondary sources. In other words, it was a qualitative study. The findings revealed that foreign loan has not performed optimally in Nigeria as a result of many factors including especially profitmaking motives of the lenders, adoption of external policies of IMF and conditions for execution of the borrowed fund. Sequel to this, it is recommended that Nigeria’s socio-economic peculiarities should be considered while designing and adopting any externally designed policy. Secondly, while engaging in foreign loan government should consider and where possible negotiate for loans that gives the country the flexible opportunity to procure equipment and contract personnel that will execute the intended project from any country where the opportunity cost is better Also, Nigerian government should consider seriously sourcing for fund internally and developing according to her capacity than depending majorly on foreign loan that has become source of capital flight and socio-socio-economic challenges.
Keywords:
Socio-economic,
development, Foreign loan,
Nigeria