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ABSTRACT
The incessant development crisis that enveloped the post-colonial Nigerian state
amidst externally and internally oriented policy prescriptions coupled
with the abundant material and human resources within her territory, has
continued to elicit contentions among scholars and policy-makers. With
the transition of Nigeria from the military to democratically elected government in 1999, the then President Olusegun Obasanjo through the instrumentality of the IMF
sponsored National Economic Empowerment and Development Strategies
(NEEDS) adopted and implemented among other things, the deregulation and
trade liberalization reforms, which was touted as a panacea for
reconciling the development deficit in the
country. It is in this connection that our study was saddled with the
responsibility of interrogating the nexus between the adoption and
subsequent implementation of the IMF induced reforms and the persistent
development crises in Nigeria in the context of the following questions:
1. Has the adoption of IMF imposed deregulation policy reduced the Human Development Index
in Nigeria between 2000 and 2014? 2. Has the implementation of IMF
policy of liberalization of trade increased the unemployment rate in
Nigeria between 2000 and 2014? The study relied heavily on the
documentary method of data collection. However, with the aid of the
blended Economic Structuralism and Economic Nationalism
analytic approaches combined with the qualitative descriptive method of
data analysis, the study argued that the adoption of deregulation and
trade liberalization reforms were implicated in the development crisis
in Nigeria which manifested in terms of decline in HDI and increase in
unemployment rate. As a corollary of the above, the study recommended
for the implementation of two-phased development plan and resort to
regional integration development strategy as practical solutions to the
persistent development challenges of Nigeria.
CHAPTER ONE
INTRODUCTION
1.1. Background to the Study
Nigeria is situated on the Gulf of Guinea. It is bounded in the North by
Niger Republic, in the West by Benin Republic, in the East by Chad and
Cameroun. Its coast in the South lies on the Gulf of Guinea in the
Atlantic Ocean. On the map, standing like a top trapezoidal plaque,
inclining as if always ready to fall on the slightest push from its
western side, Nigeria stands on the slightest push from its western
side. Encased within latitude 4-14 degree N and longitude 3E-15E, and
covering a total land area of 923,800 sq.km (356,669 sq mi), Nigeria
hovers like a menacing giant, over all other coastal countries of the West
African sub-region with a hostile stance (Ozor, 2004: 25). In terms of
size, Nigeria is the world’s 32nd largest country (after Tanzania) and
comparable with Venezuela. With a population of about 174 million
inhabitants, it is referred as the most populous in Africa, the seventh
most populous country in the world and has one of the largest youth
populations in the world (CIA World Factbook: 2014; Holmes: 1987;
Library of Congress: 2008).
Nigeria is a home to 36 states with a Federal Capital Territory and
further divided into 774 Local Government Areas. As of 2015, Nigeria is
the world’s 20th largest economy, worth more than S500 billion and S1
trillion in terms of nominal GDP and purchasing power parity
respectively. The country is equally considered to be an emerging market
and has been identified as the regional power on the African continent,
having been listed as the ‘Next Eleven’ economies set to become among
the biggest in the world (World Bank, 2015).
Moreover, Nigeria is one of the countries in Africa blessed with large
deposit of natural resources. The country is richly endowed with variety
of natural resources like crude oil which accounts for the major source
of its revenue. Others are iron ore, zinc, gold, lead, limestone,
uranium, salt, tin ore, coal, bitumen, asbestos, tantalite etc, though
majority of the aforementioned resources are still in their unexploited
state. The country is also blessed with abundant human resources that
have made significant input in all areas of life both nationally and
internationally. Prior to the discovery of oil, the agricultural sector
accounted for about 63% of the Gross Domestic Product (GDP) though it has declined to an abysmal level due to the discovery of oil which now accounts for about 80% of the GDP. (https://www.wordbank.org/en/country/nigeria, www.onlinenigeria.com/economics/)
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