THE IMPACT OF THE ROLE OF THE INTERNATIONA MONETARY FUND (IMF) ON NIGERIA’S ECONOMIC DEVELOPMENT (2015-2025)

Abstract

This paper examines the impact of the role of the International Monetary Fund (IMF) on Nigeria’s development. It explores the primary objectives, functions, and historical evolution of the IMF as an institution. Between 2015 – 2025, Nigeria implemented major reforms, including fuel subsidy removal, FX market liberalization, and tax law overhaul which contributed to greater macroeconomic stability and strengthened investor confidence. The paper analyzes the key roles of the IMF in promoting international monetary cooperation, facilitating global trade, providing financial assistance and maintaining stability in the international monetary system in Nigeria. The study evaluates the effectiveness of IMF policies in addressing financial crises, poverty reduction, and promoting sustainable economic growth in Nigeria. It highlights both the successes and criticisms of the IMF's involvement in various economic issues in Nigeria and that despite the IMF economic interventions in Nigeria, the impact can be said to be beneficial to few elites who grabbed the opportunity to impoverish the larger percentage of Nigeria. The paper concludes by emphasizing the continued significance of the IMF but also called for reform of its policies to be able to foster international financial stability and promoting sustainable development in Nigeria if truly it is an institution for all nations and not for the developed nations in the international system. The study, therefore, recommends structural and institutional reforms in order to enhance its impact and relevance in an increasingly interconnected global economy.