Impact of foreign aid on poverty and economic development in nigeria

Hence the poverty alleviation programs should be more purposeful and aimed at the poor in the country rather than being used to compensate political allies and contractors.

However in Africa integration is an expression of both the need for satisfy the yearning and desires of the citizenry and that of nationalism. It could also be attributed to the level of corruption and nepotism in the county, where contracts are inflated and also competence is neglected in the award of contracts.

The limitations of this research are money constraint, time constraint, non-availability of some of the NEPAD officials. He made a case for a purposeful mobilization of the continent strength and capabilities of only to send a powerful message to those who, at present remain unconvinced that the dream of a buoyant, modern Africa would ever come true.

NEPAD is an acronyms for new partnership for African development, supposedly a developmental partnership between Nigeria, African and the developed countries.

This result has been that post independence Africa Nigeria inevitably found itself structurally disadvantaged in international division of labour. As Dunmoye noted, the Nigeria government gave the impression that the Bank had the final say on the matter. Save more, that is the only secret to be able to invest more because we are talking about wealth; the secret to long term capital so that businessmen can raise long-term capital and go and turn that bush into factory.

According to him, there is a harmony of interest between centre states, especially the centre of the centre and the centre of the periphery.

It may be worlds poorest continent, making up more than two thirds of low income countries around the globe, yet the continent harbours an equally disproportionate reservoir of the world natural resources for development.

The experts advised the investment of 33 percent of our Gross Domestic Product GDP to enable us to meet the set target. Worthy of note, is that there are different types of foreign aid to Nigeria, and yet, a comprehensive record of very aid received and how it was utilized seems very difficult to obtain.

According to the Encyclopaedia Americana cited in Ijaiya and Mobolaji, poverty is viewed from the perspectives of moneylessness and powerlessness. Magnus Kpakol said at the signing ceremony that owing to the envisioned increased in the current low water supply rate in its rural areas from 4.

Cointegration Technique and error correction modelling Aigbokan B. The heated debate over whether Africa stands to remains lost from globalization Agricultural Products from the continent are denied fair access to OECD markets.

Dominion Publishers Ogwumike, F. Foreign Direct Investment FDI is an integral part of an open and effective international economic system and a major catalyst to development. Even within these countries, we can develop ourselves through this trade and also reduce the cost of doing business.

Moreso, years of military rule has devastated the delivery of basic service, management of public finances and as such preventing the development of a social contract between the people and the government. NEPAD is regarded as the overhaul of the African, continent desired by a new generation of statesman who advocate regional co-operation to reverse the downward spiral of poverty and set Africa on the road to globalization.

These are the above modalities observed by different writers that will be of a help to the development of Nigeria socio-economic particularly eradicating poverty and hardship in the faces of the citizens of Nigeria.

Olokun, is disturbed by the observation that the core issues of NEPAD is said to be poverty eradication and wealth creation are being confirmed to the back burned ; that indeed, conferences and workshops are being held without these issues taking the centre stage, sometimes not even mentioned.

FDI triggers technology spill-overs, assist human capital formation, contributes to international trade integration, help create a more competitive business environment and enhances enterprise development. Colonial state in Africa, Nigeria to be precise created dependent local economies and weak state structures.

Two reasons are responsible for this development. A situation of perpetual wars, skirmishes of religious, ethnic and violent political conflict will only create uncertainty in the continent. It would have been surprising if not disturbing for the introduction of NEPAD by African leaders to attracts a different consternation of reactions.

All these contribute to higher economic growth which is the most potent for alleviating poverty in developing countries.

Impact of Foreign Aid on Nigeria Socio-Economic Development

Even the euphoria of political independence among the underdeveloped states has worsened dependence and economic backwardness rather than fundamentally or structurally change the status quo. Nigeria and Indonesia; a world bank comparative study.

In addition it would serve as a guide to further enquiry and other research works. It is comprehensive, integrated strategic framework for socio-economic development of Africa. His book titled; capitalism and underdevelopment in Latin America, written in the early s and published in English in can be taken to be the opening salvo in the debate over dependency theory.

Te negotiation that former president Olusegun Obasanjo has had with the Abacha family to bring home these billions of dollar is part of it.

It is popular in Nigeria today that World Bank and other multilateral aid agencies dictate rather than negotiate with the government.

He further asserted that it is in the pursuit of interests that conflicts emanate. This assertion stems from the realities that African Nations just like individuals are selfish especially in the pursuit of their national interest.

Competition for a share of oil wealth dominates politics, feeds corruption and diverts attention away from improving governance.

Nigeria’s Socio-economic Development – The Impact Of Foreign Aid

There is no significant impact of foreign aid on poverty in Nigeria. As Bonaham observed, although the era of negotiation has begun, we know very little about the process of international negotiations. All these are to be expected given the multifarious facets of African socio-economic and political problems.Journal of Research and Development (JRnD) Vol.

2, No. 12, 40 THE IMPACT OF FOREIGN AID ON POVERTY REDUCTION/ALLEVIATION PROGRAMMES IN LAGOS STATE. The scope of this research is delimited to exploring the impact of foreign aid on Nigeria socio-economic development, the role of NPEAD on Nigeria socio-economic development, the challenges of NEPAD on Nigeria socio-economic development.

SUMMARY, CONCLUSION AND RECOMMENDATION OF THE IMPACT OF FOREIGN AID ON POVERTY IN NIGERIA reduction by facing the facts on ground and tackle corruption which has posed a threat to poverty reduction as well as economic development.

Hence the poverty alleviation programs should be more purposeful. This study examined the extent to which Foreign aid; particularly the debt relief initiative has contributed to human development in Nigeria.

It particularly sought to examine the relationship between Foreign aid and development considering the underlying political-economic conditions and the effectiveness of aid on human development.

FOREIGN AID AND ITS IMPACT ON SOCIO-ECONOMIC DEVELOPMENT IN NIGERIA. CHAPTER ONE: INTRODUCTION. Background to the Study. The role of foreign aid in the growth process of developing countries has been an issueof intense debate.

Alesina, A., and Weder, B. Do corrupt governments receive less foreign aid? (Harvard University). Fatisal Faith Andong| This paper aims to explain the impact of foreign aid in Nigeria, the impact of foreign aid on poverty reduction in Nigeria, and to examine if foreign aid been successful in tackling the issue of poverty.

Impact of foreign aid on poverty and economic development in nigeria
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