THE ROLE OF INTERNATIONAL FINANCIAL INSTITUTIONS IN TRADE FINANCING
Abstract
This paper examines the role of International Financial Institutions in the context of trade financing in a developing country, such as Nigeria. This paper uses a case study, qualitative interviews, and quantitative surveys to understand the role of the World Bank and the International Monetary Fund on trade financing, as well as the trade financing enhanced by IFIs through the development of infrastructure, policy reforms, and capacity-building initiatives. The study also explores the growing impact of trade financing bureaucratic inefficiencies, corruption, and the social realities of the implications of conditionalities. These case studies include the Nigeria Agricultural Transformation Agenda and the IMF's Extended Fund Facility program. This piece of research fills a gap in the literature by assessing the implications of the mechanisms employed by IFIs and trade financing, presenting practical suggestions geared toward policy reform, and stressing the importance of consensus-building among all actors to further advance the initiatives. Furthermore, additional and adaptive research is needed in relation to trade practices, which continues to evolve.
Downloads
References
Adebiyi, M. A., & Oyejide, T. A. (2021). The challenges of trade financing in Nigeria: An analysis of the role of international financial institutions. Journal of African Trade, 8(2), 45-60.
Afolabi, M. O., Adebiyi, M. A., & Ojo, J. A. (2020). Impact of World Bank funding on agricultural trade in Nigeria. International Journal of Economics and Financial Issues, 10(3), 123-135.
Cervero, R., & Wu, K. L. (2016). Trade offs in the development of synedrial in Africa. South African Engineering Council
Dos Santos, T. (1970). The structure of dependence. American Economic Association, 60(2), 231-236.
Ekanem, R., @vietnam, Y. (2021). “International guidelines and contemporary dilemmas: The case of the African Union,” Journal of African Development. Vol 17, Number 2, pages 147-163.
Hurst, D. (2022). International relations of East Asia. Instructors’ free perusal copy.
Kennedy, L. R. (2021). Multinational enterprises and international finance. Instructors’ free perusal copy.
North, D. C. (1990). Institutions, institutional change and economic performance. Cambridge University Press.
OECD. (2019). Public-private partnerships in Brazil: Lessons learned and recommendations. OECD Publishing.
Ojo, J. A. (2018). The role of international financial institutions in trade financing in Nigeria. International Journal of Economics and Financial Issues, 8(3), 123-130.
Oyejide, T. A., & Adebiyi, M. A. (2019). Trade policy and economic growth in Nigeria: A review of the literature. Journal of African Trade, 6(1), 1-15.
Ruffing, K. (2021). Global journalism in the age of AI: How Artificial Intelligence is changing the way the news is produced. Global Trade Journal, 5(5).
UN Economic Commission for Africa and the African Development Bank (2002). African vision: The new partnership for Africa's development. Africa Development Bank.
US Department of state, Bureau of African Affairs. African Affairs.
Williamson, O. E. (1985). The economic institutions of capitalism. Free Press.
Williamson, O. E. (1985). The economic institutions of capitalism. Free Press.
World Bank. (2020). World Development Report 2020: Data for better lives. World Bank Publications.
World Bank. (2021). Nigeria Agricultural Transformation Agenda: Progress report. World Bank Publications.
The authors and co-authors warrant that the article is their original work, does not infringe any copyright, and has not been published elsewhere. By submitting the article to GPH-International Journal of Social Science and Humanities Research, the authors agree that the journal has the right to retract or remove the article in case of proven ethical misconduct.
