Foreign Aid Effects on Nigeria
AN HONEST ASSESSMENT
Effects of Foreign Aid Use in Nigeria
Nigeria or the Federal Republic of Nigeria is located in West Africa on the Gulf of Guinea and lies between Benin and Cameron (LOC 2008). As of the latest count, it has a population of 138 million at an annual growth rate of 2.38%. Nigeria is the fourth largest exporter of oil to the United States. Yet in the face of vast natural fossil fuel reserves, it suffers from extreme personal poverty for 57% of its people. Economists describe this as a "paradox of plenty" or the "curse of oil." Nigeria, like other developing countries in similar situations, is provided foreign aid to help promote democracy and economic stability. Foreign assistance attempts to deliver these countries' people from poverty, and provide security, military assistance and counter-terrorism measures. Of the countries outside Western Europe, Canada and Australia, Nigeria is the 10th of the top 10 recipients of foreign aid from the United States at $614.7M, as of 2010 (LOC). .
Nigeria received assistance also from the World Bank in the form of 23 active projects with a committed value of U.S.$2.67 billion in August 2007 (LOC 2008). It received 123 other projects since it joined the World Bank in 1961. And the International Monetary Fund approved what is called a two-year policy support instrument to encourage the growth of the non-oil sector and for poverty reduction in October 2005. Upon review of the program in March 2008, the IMF found that Nigeria had achieved macroeconomic progress, an 8.5% average non-oil sector growth and reduced inflation at roughly 6%. But it also noted that, despite these improvements, the majority of families remained very poor (LOC).
Impact in the Case of Nepad...
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