IMPACT OF FOREIGN AID ON ECONOMIC DEVELOPMENT IN NIGERIA (1999 - 2022)
Abstract
ABSTRACT
This study critically examined the impact of foreign aid on Nigeria’s economic growth over the period from 1999 to 2022. The research was motivated by the persistent disconnect between the large volumes of foreign assistance received by Nigeria and the country’s continued struggle with poverty, underdevelopment, weak infrastructure, and macroeconomic instability. Despite the intention of foreign aid to accelerate development in recipient countries, Nigeria remained plagued by slow economic growth, rising external debt, and a depreciating currency. The central objective of this study was to evaluate whether foreign aid had significantly contributed to the improvement of Nigeria's economic performance over the past two decades.To achieve this, the study adopted a quantitative research approach using secondary time-series data obtained from reputable sources such as the World Bank, Central Bank of Nigeria (CBN), and the Organisation for Economic Co-operation and Development (OECD).
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