Answer to Question #82014 in Economics for Amaka

Question

What is imperialism, relate this to underdevelopment in Nigeria ?

Answer 1

Imperialism is a state policy, practice, or advocacy of extending power and dominion, especially by direct territorial acquisition or by gaining political and economic control of other areas. Because it always involves the use of power, whether military force or some subtler form, imperialism has often been considered morally reprehensible, and the term is frequently employed in international propaganda to denounce and discredit an opponent’s foreign policy.

Imperialist nations make use of financial institutions such as World Bank, IMF, IFC to give the developing countries loans and grants accompanied by very high interest rate and unrealistic conditionality. This proves hard for African nations to pay back in the long run, which results to debt burden and hence underdevelopment and dependence; for many years, Nigeria groaned under the heavy weight of debt burden until some were cancelled under the Olusegun Obasanjo civilian regime (1999-2007).

Sources:

1) https://en.m.wikipedia.org/wiki/Imperialism

2) https://www.omicsonline.org/open-access/the-interrelationships-between-western-imperialism-and-underdevelopment-in-africa-2151-6200-1000112.php?aid=59246