Debt Bondage and Its Impact on the Nigerian Economy, 1985 – 1997

Abstract

The debt bondage imposed by international finance capital in alliance with its local agents is a new form of perpetuating the plunder of the resources of Nigeria and other Less Developed Countries (LDCs) which began hundreds of years back during the slave era. This new form of plunder has therefore thrown up fresh challenges to the people of Nigeria and citizens of other LDCs - to fight for their definitive independence and establishment of a more equitable economic relations in the international system.

In doing this, the dialectical process that gave rise to the debt crisis is critically examined. Also discussed is how the Nigerian State in collaboration with international finance capital managed the debt burden over the years: the adjustment policies with their disastrous consequences for the Nigeria people.