The Role of IMF in the International and National Political Economy of Nigeria and Cameroon

The role of the International Monetary Fund in Nigeria and the international and domestic political economy of Cameroon The international financial system has made remarkable results in the fight to develop the world economy. Intervention of economic activities through the integration of FDI in the global economy is a top priority (Havnewk, 1997). Establishing an international financial system is necessary to accelerate the idea of ​​a series of actions by rich countries to strengthen poor countries to achieve growth (Havnewk, 1997).

Nigeria is a West African economy with a long coastline along the Atlantic Ocean. The country shares international borders with Benin, Chad, Cameroon and Niger. According to estimates in 2009, the country has a total population of 154 million people, of whom nearly 70% of the population lives below the international poverty line. The economy in Nigeria is overly dependent on the oil sector. It is the 12th biggest producer of petroleum products in the world. The Nigerian economy is one of the most advanced economies in Africa. Due to the sharp rise in international oil prices between 2007 and 08, Nigeria 's purchasing power parity GDP doubled from $ 276.7 billion in 2005 to $ 374.3 billion in 2010, but the size estimates of the informal sector are actual The numerical value was brought closer. $ 52 billion. Correspondingly, per capita GDP has doubled from $ 1200 per capita in 2005 to $ 2,500 per capita in 2009.

Since the 1960 's, the economy of Nigeria has been based on oil production. As a key member of the Organization of Petroleum Exporting Countries (OPEC), Nigeria has played an important role in influencing oil prices in the world market. In the 1970s, an oil-rich economy brought a great economic boom to Nigeria and turned this poor African country into the 30 richest country in the world. However, since then, crude oil prices have declined, Nigeria is getting worse than when it was independent, due to severe corruption, political instability, and bad economic management.