Foreign Aid as a Neo-Colonialist Instrument of Dependency and Underdevelopment of Nigeria

Abstract

This study espouses the impact of foreign Aid as an instrument of dependency and underdevelopment in Nigeria. Pointedly, it is directly aimed at ascertaining the relationship between foreign aid and the dependency status of Nigeria. For purposes of clarity, we use the dependency theory as our framework of analysis. It is a fact that since independence, foreign aid has been given a pride of place in development planning by the ruling class without the consideration of its impact on the development of our economy. This is more so because of the peripheral status of Nigeria as a developing economy. Thework agrees that this is partly as a result of the inability of the ruling class to formulate relevant and appropriate policies given the limitations that were imposed by the conditionality attached
to the foreign aid by our development partners that has nurtured the continued dependence and underdevelopment of Nigeria.