Neo-Colonialism and Debt Crisis: A Challenge to Development in Africa (A Case Study of Nigeria)
Abstract
This work traced the history of the colonial plunder of Africa by the colonialists to elucidate the genesis of Africa’s indebtedness which has plunged these countries into a predicament typified by a vicious circle of poverty, chronic unemployment, skyrocketing inflation, flagrant inequalities, mono-cultural economies, urban decomposition, rural stagnation, anti-democratic regimes and near-perpetual indebtedness to the West. Using the historical/descriptive method and Nigeria as a case study, it was discovered that neocolonial manipulation of international financial institutions like the IMF and WTO has been the cause of the continued and increasing dependence of Nigeria on foreign loans, a situation that is compounded by the “comprehensive approach” and “the market approach” as well as the IMF panacea. It was recommended, among other things, that African countries can no longer allow the drivers of the world capitalist economy to dictate to them how to break the loan habit but should rely on domestic roots for growth, diversifying exports and deepening social safety nets. Moreover, they must take the debt campaigns beyond merely highlighting the evil effects of globalization on some group of people or countries, to addressing the underlying structure and financial systems that have created the modern form of globalization, if effective and real change for the world’s majority is to be achieved.
Authors
- Essien Ukpe Ukoyo Ukpe
Political Science Department
Akwa Ibom State University
essienukpe@aksu.edu.ng (08025040266)