INTERNATIONAL FINANCIAL INSTITUTIONS AND ECONOMIC SOVREIGNTY OF DEVELOPING STATES IN AFRICA: THE CASE OF WORLD BANK IN NIGERIA

This research explores the role that International Financial Institutions (IFIs), specifically World Bank, have played in shaping Nigeria's development. Using Nigeria as a case study, the research investigates the impact of IMF and World Bank interventions on the country's economic policies, particularly through structural adjustment programs (SAPs) and development projects. The study adopted two theories namely Dependency theory to capture the variables of the study; this was a qualitative study as it is mainly exploratory. A case study approach was used to help examine the data and get a better understanding of the ‘why’ and ‘how’ questions. Secondary data was sourced from books, journal articles, official reports, and websites. Secondary data provided a clear indication of the African development banks' role in the African continent. The study contributed to the existing literature by providing insight into the major challenges to Africa’s economic development, the role World Bank play’s in Africa’s economic development and how has the African development bank contributed to economic development in Africa. This research includes a review of Nigeria’s economic challenges, beginning with its post-independence era, the introduction of SAPs in the 1980s, and the ongoing consequences of these reforms on economic stability, poverty reduction, and public services. The study also addresses the political and social responses to IFI-driven policies and evaluates both the successes and shortcomings of these interventions. Furthermore, the article highlights the lessons that other African nations can draw from Nigeria’s experience with IFIs, particularly in negotiating terms and managing long-term development goals. The future of Nigeria’s relationship with World Bank is examined, with a focus on exploring alternative development partnerships and achieving greater economic independence.