Foreign aid is not ‘aiding’ the development of Nigeria

from Nigerians who believed there was no correlation between the aid previously received and the development of the economy. If past aid received did not yield results, what is the probability that the aid being requested now will achieve anything better?It is clear that foreign aid is not effective in helping Nigeria achieve their development goals. To this end, I submit that the “aid sector” needs to be reformed; if global players cannot help, then they should not exacerbate the problem.

Instead of requesting aid, Nigeria can strengthen trade ties with foreign countries, beginning with using the newCitizens’ capabilities must be developed so that they can become wealth creators. Aid in the form of loans should be the last resort, and not the first option that Nigeria should turn to. In the case where aid is desperately needed, building strong institutions can also help in ensuring that the funds achieve the objectives.

Before providing financial support, global actors can rather provide mechanisms that help improve governance and build strong institutions that can hold the government to account. This type of aid will not only ensure money is properly spent, but it will also be a sustainable solution for the development of the country.

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