Impact of Bretton Woods Institution on Nigeria from 1999 to 2022

ABSTRACT
The project essay examined impact of Bretton Woods Institution on Nigeria from 1999 to 2022. The project stems from the conflicting opinions of commentators on the role played by Bretton Woods Institutions, primarily the World Bank and International Monetary Fund (IMF) in the quest for Nigeria’s development. The study thus aimed principally investigate the nature of Nigeria’s dealings with the Bretton Woods institutions, as it sought to establish the extent to which Breton Woods institutions’ financial aid and loans impacted Nigeria’s economic stability and growth. Adopting the historical methods of description and analysis, the study begins with the discussion of the historical background to the formation of the Bretton Woods Institutions and their activities in Africa and contributions to development particularly in Nigeria through the introduction of policies and economic reforms such as the Structural Adjustment Programmes (SAP) and conditions for access to loans and grants. The study eventually shed light on the economic impacts of the Nigeria’s involvement with the Bretton Woods institutions on the country which has received a fair share of criticisms due to the general devastating negative impact and setback it has superimposed on the Nigerian people. The study therefore, concludes that Nigeria should seek out for alternative path to development since externally focused methods to development (like the engagements with the Bretton Woods institutions) throughout the years have yielded nothing, but further sinking Nigeria and her people in the mud pit of poverty and debt.