The Neo-Liberal Economic Philosophies of The World Bank and The IMF and Its Impacts on Countries, Governments, and Individuals in Protecting Multinational Enterprises

Since the introduction of the Structural Adjustment Programs and subsequent World Bank and the IMF economic adjustment initiatives, there have been increasing concerns about their economic impacts in developing countries. The commonplace concern is that the Neo-liberal economic philosophies of the World Bank and the IMF have continued to damage countries, governments and individuals by protecting multinational enterprises. This paper therefore examines some of the damaging impacts of the Structural Adjustment Programs in Africa and in particular Nigeria by assessing the effectiveness of its policies in alleviating economic crisis. In doing so, this paper argues that the implementation of World Bank and IMF policies have contributed immeasurably to the deteriorating economic conditions in Nigeria. Accordingly, amongst other propositions, this paper calls for a structural reform of the internal disposition of the institutions of international finance, a reform founded on the principles of sheer transparency, accountability and regard to genuine democracy