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Abstract
This study evaluates the impact of the International Monetary Fund’s (IMF) intervention in national economies, using Nigeria from 1985 to 2007 as a case study. This period represents a critical era in Nigeria’s economic history, characterized by the adoption of the Structural Adjustment Programme (SAP) in 1986 and subsequent macroeconomic reforms aimed at addressing fiscal crises, balance of payments deficits, and structural distortions. The primary objective of this research is to analyze how IMF-backed policies—specifically currency devaluation, deregulation, subsidy removal, and trade liberalization—affected Nigeria's economic growth, inflation rates, and social welfare. Utilizing a historical and analytical research design, the study relies on secondary data sourced from the Central Bank of Nigeria (CBN), the National Bureau of Statistics (NBS), IMF archives, and relevant economic literature. The data are analyzed using qualitative historical analysis alongside descriptive macroeconomic trends. Findings indicate that while IMF interventions aimed to restore fiscal discipline and market efficiency, the stringent conditionalities led to severe unintended consequences. These included hyperinflation, a drastic decline in the standard of living, and the collapse of local industries, which ultimately exacerbated poverty levels. The study concludes that standard, one-size-fits-all IMF prescriptions often fail to account for the unique socio-political and structural realities of developing economies like Nigeria. Consequently, the study recommends that the Nigerian government prioritize homegrown economic frameworks, strengthen institutional capacity, and negotiate flexible credit terms in future engagements with international financial institutions to ensure sustainable economic development.
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