The ongoing development crisis that engulfed the post-colonial Nigerian state in the context of externally and internally oriented policy prescriptions, coupled with abundant natural and human resources within its territory, has continued to elicit disputes among scholars and policy makers. With the transition from a military to a democratically elected government in 1999, then President Olusegun Obasanjo, through the instrumentality of the IMF-sponsored National Economic Empowerment and Development Strategies (NEEDS), adopted and implemented, among other things, the reforms of deregulation and trade liberalization that have been proclaimed a panacea for resolving the development crisis in the country. It is in this connection that our study was saddled with the responsibility of interrogating the nexus between the adoption and subsequent implementation of the IMF-induced reforms and the persistent development crises in Nigeria in the context of ascertaining whether the adoption of IMF-imposed deregulation policy reduced the Human Development Index in Nigeria; and whether the implementation of IMF policy of liberalization of trade increased the unemployment rate in Nigeria between 2000 and 2018. With the support of the Mixed Economic Structural and Economic Nationalism Analytical Approaches, combined with the qualitative descriptive method of data analysis and the documentary method of data collection, the study argued that the deregulation and trade liberalization reforms were responsible for the decline in HDI and the increase in the unemployment rate. From this point of view, the paper recommended the implementation of a two-phase development plan and the use of a regional integration development strategy as practical solutions to Nigeria's persistent development challenges.
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In-Text Citation: (Shafiu & Salleh, 2020)
To Cite this Article: Shafiu, R. M., & Salleh, M. A. (2020). Assessment of IMF Deregulation and Liberalization of Trade and Persistance Crises of Development in Nigeria from 2000-2018. International Journal of Academic Research in Business and Social Sciences, 10(6), 80–94.
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