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Impact of International Financial Institutions on Nigeria



The Government Republic of Nigeria is a Federally Constituted Republic comprising of 36 areas and its Federal government Capital Place being Abuja. Nigeria is situated in the West of Africa and shares land edges with the republic of Benin in the Western, Chad and Cameroun in the East, and Niger in the North. While its coast in the South can be found in the Gulf of Guinea in the Atlantic Ocean. Nigeria is reconciled as the Giant of Africa because of its large inhabitants and growing Economy. It is the 7th most popular country on the globe. The country major ethnic teams are, the Yoruba's, Hausas and Igbos.



Economic policy refers to the activities that governments consumes the financial field. Includes areas such as duty settings, government budgets and spending, supply of money and interest rates, labor markets and every other facet of the current economic climate. Nigeria Economy (GDP) is the largest in Africa, with an increase of than 500 billion and became the globe 21st large Market. The debt own to GDP ratio is only 11%. By 2050, Nigeria is likely to become one of the world's top 20 economies. Nigeria is known as to becoming an growing market by the World Lender. The Nigeria Current economic climate policies are one which is aimed towards its Food Security and Poverty Alleviation and reaches all the levels of its government. The National been NEED (Country wide Economic Empowerment and Development Strategy), Seed products (condition Level) and the LEED (the neighborhood Federal level). Another of its regulations is the ability to empower its individuals by given usage of credit and lands, participation in decision making, traditional thrift, savings and insurance techniques, integrating women into the financial mainstream, education and training opportunities and lastly, large scale Agriculture in the rural areas.


These are financial institutions which have been created by several country and therefore, under international laws. They are managed by National Government authorities, with International Organizations and other Organization occasionally characters as shareholders. The most frequent IFIs are masterpieces of multiple nations. The best known IFIs are:-

  1. World Bank
  2. International Monetary Account (IMF)
  3. International Lender for reconstructions and Development (IBRD)
  4. General Arrangement on Tariffs and Trade (GATT)
  5. World Trade Organization

Those International Financial Institution have had the opportunity to impact Nigeria Economy Regulations greatly and below, we shall be talking about their regions of influences one after the other.


This research will focus on Primary and Supplementary data. The primary data includes the quantitative data that will utilize the in-depth interviews of visible those who are knowledgeable in neuro-scientific Nigerian Financial Economic Areas plus some few (3) important dignitaries from the International Financial Institution in other to acquire their personal view and consensus on the particular level that, their group have imparted Nigeria. The quantitative data is going to be used to create statistics by using large scale survey studies using methods like the questionnaires and organised interviews.

The extra data will be evaluating other data which were made by others and its includes Data Pieces, Circumstance Materials, Computer and Manual Data Bottom part and Magazines by various Private (e. g Annual Reports of Companies), Open public Organizations, Federal Departments, International Organizations such as the IMF and the globe Banks.


According to Creswell 2009 "Four steps related to the data collection process which includes, the willpower of reason for the study, the format e. g. , quantitative survey or qualitative interviews, the sample and size and whether the data is cross sectional or longitudinal. (John W. Creswell 2009, Researches Design (qualitative, quantitative and mixed method approaches) Second Model. College or university of Nebraska Lincoln, Sage Publications.

This research seeks to comprehend the Impart, which International LENDER have on the Economic Insurance policies of the Nigeria. Remember that Impart could be either Negative or Positive. The project seek to understand if, The International Financial Institution involving in the Nigeria Economic procedures have yielded a good or negative effect or whether it's had no effect by any means, while critically examining the above theory under both major and the secondary data system of collection.

I have talked about carefully above the types of data this research will make use of. I'll been inspecting each of those data collection and why I will be utilizing each of those system and the benefits of them.


This data form will form my extra degree of data collection. Will be employing this technique of data collection firstly, because this helps in my books reviews, and to start reading this documents helps me to gain the first immediate required understanding of my research topic. This includes data collected from International LENDER and Nigeria Economic Sector. Is going to be making use of this data since it will enable me to understand and measure the finds of others and keep me within the research context. Its will help me to determine on the previous work or related works of others and helps me determine my own results, results and conclusions.


This will be the next data collection method employed. Those primary document will enable me obtain data about the many institutions in the context of analyses. Those few documents will be examined, documentary about Nigeria. This provides me original information about the united states Nigeria without distortion of its information. This data still will form my secondary data collection.


The next data which will be employed is the survey. This forms one of the bed rock to my key data obtained. It's going to take lots of time as I need about 500- 800 respondents. It's an wide open survey to different levels of educated individuals. That is going to be in form of any descriptive research online survey. It's going to be organised in design so that, the info gathered will be statistically inferred over a population. The medium of administration is strictly by Facebook (a interpersonal network). We be utilizing my profile in which a link will be pasted and a click at the hyperlink will take you to definitely the survey website link where in fact the question will be given. About 500 to 900 people will be required to participate in this review. This medium will be utilized in other to appeal to the topic lovers online to be able to better specify the opinions, frame of mind and behavior performed by the group of people I cannot reach individually. This can help me never to neglect out any ideas and ideas.


The next data to be employed is the Interview. I am performing an unstructured Interview, which is likely to be in person with some important dignitaries in the Economic Sector of Nigeria. One of which is the existing Governor of Nigerian Central Bank in person of Mr. Godwin Emehle who was formally the handling Director of 1 of Nigerians leading commercial lender, Zenith Loan company Plc. Another is a internationally renewed Economist, Mrs. Ngozi okonjo-Iwela the Minister for Money of Nigeria. In the International Financial Institution, Kariskik Basu and Hollis B Lienery, one of the World Loan provider key Economists. Another set of people heading to be interview are the critics of IFIs Joseph Stiglitz, a renowned and former World Bank or investment company Economist from the Indigenous Right Group(Sumal International and Academics) The Unstructured Interview will also make use of the sound tape saving system in other to concentrate, record down all the information, and avoid distortion of information. This process is used to be able to get the interviewee relaxed, encouraged to relate his / her experience and reveal their frame of mind and belief on the issues at hand. This also, enables me to acquire elite answers important to the study and also to probe various areas and raise further queries during the interview if necessary.


Personally administered questionnaires will be used, this is likely to be discharged to a selected group of individuals which are the working class citizens of Nigeria in essence, in the monetary sector of the country such as lender e. g. , (banking institutions, Insurance firm, stock market firm and funding ministries) in other to obtain their option about them matter. The test size is going to be about 800 to 1500 people. Questions such as do you consider International Financial Institution did more harm than good to the Financial Economic Policies of Nigeria alongside options such as Strongly Agree, Agree, Strongly Disagree and Unsure will be available for solid. Each question will carry a spot in other to find the actual survey things on specific questionnaire and pull a final finish bottom on the administered questionnaires.

The use of personally implemented questionnaire will enable me answer questions involving concerns and ambiguity about the so this means of questions, also to give details clarification as to what is required of questionairees. With this technique, an honest reviews will be extracted from people filling out the forms and better response rate as it is a face to face affair.


This provide a means through which my qualitative and quantitative data will be weighted for my last conclusion. The principal aim of this research is to seek the amount of impart which International Financial Institution has been able to have on Nigeria Economic Regulations. Keeping in mind the aim, my data analyses there must echo a weighting system which must analysis carefully the impart (positive or negative) of the aforementioned context.

Will be inspecting my quantitative data by the method of rating and ratings which will make use of computed mean for each and every questions in the survey conducted. At the end of the exercise, should be able to conclude which aspect of the impart gets the highest rating and ranking. For my qualitative data collections, I am carefully analyzing my obtained information by categoring them into concerns, recommendations, strengths, weaknesses, encounters, inputs and advice. After, will put the information into required perspectives by attaching either a positive or a negative and then have a count up of the categorized perspectives to drawn my conclusion.


There might be so few limitations that could be encountered during the research. Among that could be that of the interviewee sending a rep to be interviewed in replacing, with the excuse of a busy routine. Not that their reps are not discovered or not proficient in the field as them, but would have love to have the interview with them instead. We still proceeded with the interview and hope to get a reason amount of information of their staff. Another aspect will be that some of them might not want me to tape record the event. With this, I'll have to jot as fast as I could and also manage to question them at the same time, that will be a lot boring on my part and a little clumsy as well. The last limitation I believe I might come across will be with the online survey, it might take such a long time to get the required responses and I would should do a whole lot of work by placing and reposting on my Facebook(communal mass media) and also nearly appeal to visitors to participate if indeed they would be interested. With so much time given and lots of patience, I think I should be able to get at least 500 response from the online survey.


This project can be an ongoing research. The aim and goal is to critically analysis the Impact of International Financial Institution on the Economic coverage formulation of Nigeria. At the end of the research we ought to have the ability to know how IFIs has been of affect to the Nigeria Economic Policy formulation. We have to have the ability to know specifically the extent of the IFIs impart on the Nigeria Economic Plan formulation and also know if those impart has resulted in Nigerian Economic Growth and Development or if the Impact has resulted into a stagnant economy or hasn't even have the ability to make an Impact by any means.

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