INTERNATIONAL MONETARY FUND CONDITIONALITY AND ECONOMIC DEVELOPMENT IN NIGERIA (2015–2023): BETWEEN STABILISATION AND STRUCTURAL DEPENDENCY
Maijama Ezekiel Saidefi , Eugene T. Aleigba, PhD and Shuaibu Umar Abdul, PhD
Volume 14 Issue 1
Abstract
This study critically examines the impact of International Monetary Fund (IMF) conditionality on Nigeria's economic development from 2015 to 2023, a period distinguished by heightened fiscal austerity, exchange rate volatility, rising poverty, and increasing indebtedness. Grounded in Dependency Theory and Complex Interdependence Theory, and drawing on a mixed-methods survey of 347 respondents drawn from the Central Bank of Nigeria, the National Bureau of Statistics, the Federal Ministry of Finance, and IMF Nigeria Office staff, the study finds that IMF policy prescriptions, including subsidy removal, trade liberalisation, and structural adjustment, have yielded limited positive outcomes for inclusive economic development in Nigeria. Specifically, findings indicate that structural reforms linked to IMF support have widened income inequality (85.6% respondent agreement), urban livelihoods have been adversely affected by austerity measures (64.1%), and poverty levels have increased as a result of IMF economic policies (71.0%). Bureaucratic inefficiencies (89.3%) and corruption (76.5%) remain critical institutional barriers that undermine the effectiveness of IMF interventions. The study concludes that, while IMF programs contribute to short-term macroeconomic stabilisation, their broader developmental impact in Nigeria is constrained by governance deficits, contextual misalignment, and structural dependency dynamics. Policy recommendations Centre on diversifying the economy, strengthening anti-corruption frameworks, anchoring monetary policy credibility, and pursuing participatory conditionality design that prioritizes long-term human development outcomes. Keywords: IMF Conditionality; Economic Development; Nigeria
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