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Foreign Aid, Debt Relief And Africa’S Development: Problems And Prospects, Shola J. Omotola, Hassan A. Saliu

Shola J. Omotola Mr

In recent years, the Paris club granted a number of African countries, including Nigeria, debt relief. This elicited widespread celebration in the capital cities of affected countries, where it was portrayed as averitable launch-pad to Africa’s development. This paper takes a critical look at the debt relief, with emphasis on its problems and prospects for Africa’s development. It is argued that while debt relief does offer some prospects for development, there is little or no evidence to suggest that such an outcome is automatic. The conditions that precipitated the debt crisis in the first instance, including an inequitable international economic …