Impact of International Financial Institutions on Nigeria
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The Federal Republic of Nigeria is a Federally Constituted Republic comprising of 36 states and its Federal Capital Territory being Abuja. Nigeria is situated in the West of Africa and shares land borders with the republic of Benin in the West, Chad and Cameroun in the East, and Niger in the North. While its coast in the South is situated in the Gulf of Guinea in the Atlantic Ocean. Nigeria is reconciled as the Giant of Africa due to its large population and growing Economy. It’s the 7th most popular country in the world. The country largest ethnic groups are, the Yoruba’s, Hausas and Igbos.
NIGERIAN’S ECONOMY POLICIES
Economic policy refers to the actions that governments takes in the economic field. Includes areas such as tax settings, government budgets and spending, supply of money and interest rates, labor markets and every other aspect of the economy. Nigeria Economy (GDP) is the largest in Africa, with more than 500 billion and became the world 21st large Economy. The debt own to GDP ratio is only 11%. By 2050, Nigeria is expected to become one of the world’s top 20 economies. Nigeria is considered to becoming an emerging market by the World Bank. The Nigeria Economy policies are one that is directed towards its Food Security and Poverty Alleviation and is at all the levels of its government. The Federal been NEED (National Economic Empowerment and Development Strategy), SEEDS (state Level) and the LEED (the local Government level). Another of its policies is the ability to empower its citizens by given access to credit and lands, participation in decision making, traditional thrift, savings and insurance schemes, integrating women into the economic mainstream, education and training opportunities and lastly, large scale Agriculture in the rural areas.
INTERNATIONAL FINANCIAL INSTITUTIONS
These are financial institutions that have been created by more than one country and hence, under international laws. They are owned by National Governments, with International Institutions and other Organization occasionally figures as shareholders. The most common IFIs are creations of multiple nations. The best known IFIs are:-
- World Bank
- International Monetary Fund (IMF)
- International Bank for reconstructions and Development (IBRD)
- General Agreement on Tariffs and Trade (GATT)
- World Trade Organization
Those International Financial Institution have been able to impact Nigeria Economy Policies greatly and below, we shall be discussing their areas of influences one after the other.
TYPES OF DATA
This research will focus on Primary and Secondary data. The primary data includes the quantitative data which will make use of the in-depth interviews of high profile individuals who are knowledgeable in the field of Nigerian Financial Economic Sectors and some few (3) important dignitaries from the International Financial Institution in other to obtain their personal view and consensus on the level that, their organization have imparted Nigeria. The quantitative data is going to be used to generate statistics through the use of large scale survey researches using methods such as the questionnaires and structured interviews.
The secondary data will be examining other data which have been generated by others and its includes Data Sets, Case Materials, Computer and Manual Data Base and Publications by various Private (e.g Annual Reports of Companies), Public Organizations, Government Departments, International Organizations such as the IMF and the World Banks.
HOW TO COLLECT DATA
According to Creswell 2009 “Four steps related to the data collection process which includes, the determination of purpose of the research, the format e.g., quantitative survey or qualitative interviews, the sample and size and whether the data is cross sectional or longitudinal. (John W. Creswell 2009, Researches Design (qualitative, quantitative and mixed method approaches) Second Edition. University of Nebraska Lincoln, Sage Publications.
This research seeks to understand the Impart, which International Financial Institution have on the Economic Policies of the Nigeria. Keeping in mind that Impart could be either Negative or Positive. The project seek to understand if, The International Financial Institution involving in the Nigeria Economic policies have yielded a positive or negative result or if it’s had no effect at all, while critically analyzing the above concept under both the primary and the secondary data system of collection.
I have discussed carefully above the types of data this research is going to make use of. I will been analyzing each of those data collection and why I will be making use of each of those system and the advantages of them.
SECONDARY AND TERTIARY DOCUMENT
This data form will form my secondary level of data collection. Will be employing this method of data collection firstly, because this helps in my literature reviews, and to start reading this documents helps me to gain the first immediate required understanding of my research topic. This includes data collected from International Financial Institution and Nigeria Economic Sector. Will be making use of this data because it will enable me to understand and evaluate the finds of others and keep me within the research context. Its will help me to establish on the previous work or related works of others and helps me determine my own results, findings and conclusions.
DOCUMENT AND ARCHIVAL ANALYSIS
This will be the next data collection method employed. Those primary document will enable me obtain data about the various institutions in the context of analyses. Those few documents will be examined, documentary about Nigeria. This will provide me original information about the country Nigeria without distortion of its information. This data still will form my secondary data collection.
The next data that will be employed is the survey. This forms one of the bed rock to my primary data obtained. It’s going to take a lot of time as I need about 500- 800 respondents. It’s an open survey to different levels of educated individuals. This is going to be in form of a descriptive research online survey. It’s going to be structured in design so that, the information collected will be statistically inferred on a population. The medium of administration is strictly by Facebook (a social network). We be making use of my profile where a link will be pasted and a click at the link will take you to the survey link where the question will be administered. About 500 to 900 people will be required to participate in this survey. This medium will be used in other to appeal to the topic lovers online in order to better define the opinions, attitude and behavior held by the group of people I cannot reach individually. This helps me not to neglect out any opinions and ideas.
The next data to be employed is the Interview. I will be conducting an unstructured Interview, which is going to be face to face with some important dignitaries in the Economic Sector of Nigeria. One of which will be the current Governor of Nigerian Central Bank in person of Mr. Godwin Emehle who was formally the managing Director of one of Nigerians leading commercial bank, Zenith Bank Plc. Another is a globally renewed Economist, Mrs. Ngozi okonjo-Iwela currently the Minister for Finance of Nigeria. From the International Financial Institution, Kariskik Basu and Hollis B Lienery, one of the World Bank chief Economists. Another set of people going to be interview are the critics of IFIs Joseph Stiglitz, a renowned and former World Bank Economist from the Indigenous Right Group(Sumal International and Academics) The Unstructured Interview will also make use of the audio tape recording system in other to concentrate, record down all the information, and avoid distortion of information. This process is used in order to get the interviewee relaxed, encouraged to relate his or her experience and to reveal their attitude and perception on the issues at hand. This also, enables me to obtain elite answers pertinent to the research and to probe various areas and raise further queries during the interview if necessary.
Personally administered questionnaires are going to be used, this is going to be discharged to a selected group of individuals which are the working class citizens of Nigeria basically, in the economic sector of the country such as financial Institution e.g., (banks, Insurance firm, stock exchange firm and finance ministries) in other to obtain their option on the subject matter. The sample size is going to be about 800 to 1500 people. Questions such as do you think International Financial Institution has done more harm than good to the Financial Economic Policies of Nigeria alongside options such as Strongly Agree, Agree, Strongly Disagree and Unsure will be available for thick. Each question will carry a point in other to get the actual survey points on individual questionnaire and draw a final conclusion base on the administered questionnaires.
The use of personally administered questionnaire will enable me answer questions concerning doubts and ambiguity regarding the meaning of questions, and to give detail clarification as to what is required of questionairees. With this method, an honest feedback will be obtained from people filling out the forms and better response rate as it is a face to face affair.
This provide a means through which my qualitative and quantitative data will be weighted for my final conclusion. The primary aim of this research is to seek the level of impart which International Financial Institution has been able to have on Nigeria Economic Policies. Keeping in mind the aim, my data analyses there must reflect a weighting system which must analysis carefully the impart (positive or negative) of the above context.
Will be analyzing my quantitative data by the means of rating and rankings which will make use of computed mean for each questions in the survey conducted. At the end of this exercise, should be able to conclude which aspect of the impart has the highest rating and ranking. For my qualitative data collections, I will be carefully examining my obtained information by categoring them into concerns, suggestions, strengths, weaknesses, experiences, inputs and recommendation. Afterwards, will put the information into required perspectives by attaching either a positive or a negative and then take a count of the classified perspectives to drawn my conclusion.
There might be so few limitations that could be encountered during the research. One of which could be that of the interviewee sending a representative to be interviewed in replacement, with the excuse of a busy schedule. Not that their representatives are not learned or not knowledgeable in the field as them, but would have love to have the interview with them instead. We still proceeded with the interview and hope to get a reason amount of information from their representatives. Another aspect will be that some of them might not want me to tape record the event. With this, I will have to jot as fast as I can and also manage to question them at the same time, which might be a lot tedious on my part and a bit clumsy as well. The last limitation I think I might encounter will be with the online survey, it might take so long to get the desired responses and I might need to do a whole lot of work by posting and reposting on my Facebook(social media) and also practically appeal to people to participate if they would be interested. With so much time given and a lot of patience, I think I should be able to get at least 500 response from the online survey.
This project is an ongoing research. The aim and objective is to critically analysis the Impact of International Financial Institution on the Economic policy formulation of Nigeria. At the end of this research we should be able to understand how IFIs has been of influence to the Nigeria Economic Policy formulation. We should be able to know in particular the extent of the IFIs impart on the Nigeria Economic Policy formulation and also know if those impart has led to Nigerian Economic Growth and Development or if the Impact has resulted into a stagnant economy or has not even be able to make an Impact at all.
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