A History of the IMF-Nigeria Relations Since the 1970s

Abstract

Though the International Monetary Fund (IMF) has been in existence since the end of the World War II, it became a reoccurring name in any discussion of the African trade and finance from the late 1970s and early 1980s when the devastating effects of the economic recession affected the African, and indeed other third world countries’ foreign exchange earnings. Dwindling foreign exchange earnings resulted in balance of payment deficits and it is the IMF’s responsibility to provide loans to enable recipient countries overcome short-term balance of payments deficits.