LEGAL IMPLICATION OF SOVERIEGN DEBTS IN THIRD WORLD COUNTRIES: NIGERIA AS A CASE STUDY

Abstract

Most of the 3rd world countries upon creation had their affairs controlled by the colonial masters who colonised them. Upon independence, their sovereignty becomes so pronounced that other nations recognise their territorial integrity and political independence. The aftermath of this independence is their ability to elect leaders independent of outside interference and their ability to make decisions that affect their political, economic and social welfare. This article seeks to explore the legality of these sovereign debts incurred through transnational lending arrangement and will explore the benefits of borrowing from multinational organizations like world Bank and International Monetary Fund juxtaposition transnational lending arrangements with countries like China. To achieve this aim and objectives, doctrinal approach will be adopted. Recourse will be made to opinion of scholars and statutes. This article recommends the need to eliminate corruption which is the sole foundation of misappropriation through developing a system of accountability by the arms of government; need to explore and harness other sources of revenues comprising of biodiversity resources arising from traditional knowledge by creating a system of sustainable use and development and the need to invest in the tourist centre as a means of generating income.