Politics of Foreign Aid and Economic Dependency in Developing States Reflections on Nigeria
Abstract
The paper sought to ascertain whether foreign aid has contributed to development or is a means of perpetuating economic dependency in a developing country like Nigeria. The paper assumed that foreign aid is an instrument of advanced capitalism whose interest is the perpetuation of economic dependency in developing countries. Secondary data were utilized and analysed within the ambit of the dependency theory which revealed that the advanced industrialized nations and organizations do give aid to developing countries in the belief that such aid would help promote economic development of the recipient countries. The paper argued on the contrary that foreign aid has become a channel for perpetuating and aggravating economic dependency of developing countries on the donor countries, and more so, precipitate political instability, induce economic crisis, stimulate debt-stock, as well as foist the status of consumer-countries on them. Hence, foreign aid has failed as a means of development in Nigeria and other developing countries. Consequently, the paper recommended, among others, that developing countries, Nigeria inclusive, should obtain foreign aid/loans only when seriously and genuinely needed to fund projects and programmes that will facilitate economic growth and development as well as engender national prosperity.
Authors
- Victor E. Ita
Department of Political Science
Akwa Ibom State University, Obio Akpa Campus,
Oruk Anam LGA – Nigeria