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| Nigeria's Quest for Socio-Economic Development through Foreign Loan and Effects of Internal Factors. |
Nwagbo, Samuel N.C. and . Oddih, Mike C.
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Abstract:
This study is designed to interrogate how internal factors like corruption, weak institutions, and incompetent personnel posed challenges to Nigeria's effort for socio-economic development using foreign. It evaluates how the performance of foreign loan obtained thus far has helped to transform socio-economic sectors of Nigeria. In this instance one underscores what has happened to poverty, hunger, unemployment, death rate in Nigeria. The data for this analysis was obtained from secondary sources using documentary method therefore it is a qualitative study. It also engaged descriptive method of analysis and Modernization theory in carrying out its analysis. The study established that foreign loan would have been of immense approach in addressing basic sectors of the economy thereby spurs socio-economic development but corruption and weak institutions could not enable this outcome. It recommended that internal factors should be addressed before venturing into external borrowing otherwise it will continue to be a source underdevelopment instead of development.
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