Foreign Aid Effects on Nigeria

AN HONEST ASSESSMENT

Effects of Foreign Aid Use in Nigeria

Nigeria or the Federal Republic of Nigeria is located in West Africa on the Gulf of Guinea and lies between Benin and Cameron (LOC 2008). As of the latest count, it has a population of 138 million at an annual growth rate of 2.38%. Nigeria is the fourth largest exporter of oil to the United States. Yet in the face of vast natural fossil fuel reserves, it suffers from extreme personal poverty for 57% of its people. Economists describe this as a "paradox of plenty" or the "curse of oil." Nigeria, like other developing countries in similar situations, is provided foreign aid to help promote democracy and economic stability. Foreign assistance attempts to deliver these countries' people from poverty, and provide security, military assistance and counter-terrorism measures. Of the countries outside Western Europe, Canada and...
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