Africa Debt Crisis and the IMF with a Case of Nigeria: towards Theoretical Explanations

Abstract

This paper, attempts to employ and apply the dependency and liberal economic theories in order to demonstrate how these two theories help in the accurate analysis and explanations of the debt crisis in the developing countries, particularly Africa and especially Nigeria. In doing this, the paper considers very briefly some of the actions and policies of IMF and other IFIs, the administrations of some Nigeria leaders and the undertakings/trend of events during the implementations of the Structural Adjustment Programme in Nigeria. It also reflects some of the activities in other countries in Africa relevant to the analysis. The paper concludes that the IMF, World Bank and the West should be blamed for collaborating with some Nigeria leaders in making the country indebted. And that the Nigerian masses needed reparation for the losses, pains and sufferings they have passed through because of IMF's SAP.