Assessing International Organization’s Policy (IMF and World Bank) on Nigeria Economy and its Implication on National Development: A Review of Structural Adjustment Program (SAP) and Nigerias Current Economic Predicament

This article examines the emergence, objectives and impact of the Structural Adjustment Programme as a policy of International Organization (UN) in Nigeria under its agencies International Monetary Fund (IMF) and World Bank (WB) with particular emphasis on the economy. It examines the implementation strategies of this economic reform and contends that SAP policies led to the collapse of Nigeria Economy, heightened unemployment and social insecurity. It also contends that SAP led to the collapse of Nigeria state which gave fecundity for ethno-religious manipulations and further affected the Nigeria labour sector and caused intense strain and disorganization of labour movements, this was manifest in sporadic industrial disputes and strikes which hampered economic development in Nigeria, it has also led to violent conflicts, insurgence, terrorism, kidnapping, banditry and armed robbery among others. From a politicaleconomic theoretical paradigm, this paper concludes that SAP culminated to identity transformation, conflicts and economic crisis in Nigeria. Secondary source of data is employed, focusing on existing documentary, articles, journals periodicals, textbooks and internet materials. It is the belief of this research work that structural adjustment program (SAP) has done more harm than good to Nigeria economy and it is high time the policy is halt or fine-tuned, else it made lead to total collapse of the economic and political system with more catastrophic consequences such as increase crime rate, insecurity, unemployment inflation, high cost of living and increase poverty among others. Nigeria government must look inward and fashion out her own home-grown economic policies and programs if really the country wants to toy the part of growth and development.