ASSESSMENT OF THE ROLE OF INTERNATIONAL MONETARY FUND (IMF) AND NIGERIA’S FOREIGN POLICY, 2011-2019

Nigeria‟s foreign policy with the Bretton Woods Institutions (World Bank/IMF) dates back as early as 1960s. Having similar structure and membership, both institutions attempt to provide more stability and certainty for the globalized world-economy by providing technical and financial assistance to developing countries, and to those nations struggling with economic and financial difficulties. However, their claims of assisting developing countries are often questioned and castigated. This study examines the role of International Monetary Fund (IMF) and Nigeria‟s Foreign Policy, 2011-2019. In conducting this research, survey design was adopted with data generated from primary and secondary sources, while Economic structuralism and economic nationalism theories was utilized as our framework of analysis. The study revealed that the role of IMF towards Nigeria‟s foreign policy does not yield positive results, as the institutions undermines the growth and development of Nigeria economy. The institution provides painful and destructive financial and technical support leading to retarded growth, expanded inequality, and occasionally global instability. The study provides among others that it is time for Nigeria, to join and contribute the improvement of existing alternative financial and development institutions such as the New Development Bank established by BRICS countries. Also, Nigeria should be able to mount her economic search-light on all her sectors namely; Agriculture, Energy, Transport, Education, Health, Income distribution, Public service and National security sectors towards revamping her economy.