The economy of Third world countries is backward, compared with what is obtainable from developed countries like the United State of America and European countries. The economy of these less developed countries are plagued with high inflation rate, poor productivity level, high mortality rate, poor agricultural proceed, low per capita income, high rate of starvation and high level of employment, highly dependence on the production of primary produce with crude implements. The economic backwardness of third world countries are argued against two theories that opposes themselves. Firstly, the modernization theory argues that the underdeveloped countries have inherent variables that inhibits and hinders them from developing. These inherent characteristics of the third world countries according to this theorist in this school of thought include fatalistic attitude to their fate of backwardness, lack of insightful innovation fro development, aggregation lifestyle, belief in fetish ideology that opposes development, cultural practices that are anti-development among others.Thus, the theorists who support this school of thought argue that these inherent variables hinder the process and development of the third world countries. On the other hand, the Development theorists argue that the state of under development of third world countries is ascribed to the exploitative tendencies of the developed countries. The developed countries through the slave trade, colonialism, and imperialism unleashed at third world countries, have greatly exploited the factors and variables of these countries to develop. Furthermore, the neo-colonialism stand of developed countries that under price the primary product of underdeveloped and developing countries, such as their raw material produce and in return sell at high price finished product, such as tractors and other equipments needed for production, this as made the third world countries to remain backward and underdeveloped. In this view, Lairson & Skidmore (1993), argue, “…as a mechanism, international trade has by its very operation, led underdeveloped countries to stagnation or impoverishment, and developed countries into automotive cumulative growth”.This write up would look at the structural adjustment policies recommended by IMF to the economy of Third World countries. Nigeria, giant of Africa, would be used as a case study to analyze this study.IMF STRUCTURAL ADJUSTMENT POLICIES AND CONDITIONALITY TO THIRD WORLD COUNTRIESIn the past IMF, in support with other Bretton Institutions, such as the World Bank, the United Nations has come up with conditionality that is perceived by critics of IMF recommendation for developing economies as being lopsided and double standard. In this sense, the IMF is accused of recommending different economic recovery and solution to currency crisis, different from what it recommends for developed economies. For instance, while it is a noticeable fact that conditional set for economic recovery for developing countries include, inter alia, the removal of government subsidies on utility goods, and privatization of public enterprises, in country like United States the citizen still enjoys massive subsidies on agricultural farming and other public utility goods. On this basis, the recommendations and conditionality of the IMF, and other institutions in the Bretton Woods Institution, are conceived by critics as a process aimed at further building a trade ground and opportunities for developed economies like the United States and the Western European states. “The IMF was created as an institution to safeguard the stability of the international financial system. The Fund is the agent of the advanced industrial countries that provide the majority of its resources, and these countries have a strong interest in guaranteeing financial stability and encouraging policies that lead to conservative fiscal management, privatization, and trade liberalization in the developing world” (Stone, 2004).According to the Frias Hugo Chavez (2002), on his address on world Food day, he stated that “ In my opinion because it was given the highest of all doses of neoliberalism in Latin America- they privatized everything…the ferocious thinking behind neoliberalism…No, the state should on no account intervene in the economy- intervention would be the work of the devil…but what the neoliberals want to do is to throw out the concept of ethics and government…”. Now the question that need be answered is that has IMF medicine being effective enough in curing the ailing economies of member countries. How sincere is the institution towards its recommendations? Are they really aimed at safeguarding the interest of developed economies as that of the United States? These questions and more need to be addressed. Dunning (2004) argues, “What is the impact of foreign aid on democracy and regime type in recipient countries? This question has become an important research topic with significant policy implications, yet the effect of aid on local political institutions remains widely debated. While some analysts suggest that aid ‘conditionality’ may further the adoption of democratic reforms in recipient countries others claim that aid creates a ‘moral hazard’ for authoritarian local politicians, who pursue goals at odds with the aims of foreign donors”.Structural adjustment policies advocated by these Bretton Institution for the economy recovery of third world countries include, the removal of subsidies on the agricultural farming, and other public utilities, the devaluation of the countries currencies, the privatization of public enterprises, and removal of governments interventions in their countries economies, operation of an open economy, deregulation and liberalization of the sectors of the economy, inter alia. The structural adjustment policies of IMF aim at reducing the intervention of government from the economy of their countries. Thus, the recovery policy measures of IMF to these countries are targeted at encouraging the development of the private sector. It is argued this would increase the productive level in under developed countries, increase employment level, and make government concentrate more on vital issue of policy formulation and implementation that would lead to the development of the economy of their country.AGRICULTURAL FOOD POLICY ADVOCATED FOR THIRD WORLD COUNTRIESThe World Trade Oraganization (WTO) in 1990’s via the Uruguay Round (1986-1994), advocated for the adoption of policy of green revolution, as a way of relieving the problem of surplus of food in certain part of the world and the dearth of food for other parts. According to McMicheal (2004), the green revolution consolidated the global movement under the guise of addressing the question of national food security. Green revolution technologies further internationalized agro- food relations, supporting newly introduced genetically modified crops with chemical and mechanical inputs, and elaborating agribusiness dependencies. With the global expansion of live-stocking, green revolution technologies extended into feed cropping, promoting lie stock commodity chains linking specialized agricultural sub-sectors across national boundaries.Food security in the world over is central to shape national initiatives such as the green revolution, and the content of multilateral institutional relations. “The development era has metamorphosed into the era of corporate globalization; food security has been redefined and institutionalized in the WTO as an internationally managed market relation (ibid). The WTO, as a way of securing world food and problem of shortages in some part of the globe, carries out a diversion of food surpluses in countries like North America and Western Europe to where shortages are mostly severe. Also through the synchronization of Northern, farm policy in the anticipated WTO Agreement on Agriculture. The mechanism in promoting WTO food security programme is based on the neo-liberal model institutionalized and coupled with structural adjustment policies. Via Campesina, opposes the WTO’s neo-liberal project of constructing a world agriculture based in comparative advantage, because it is not about strategies of regional differentiation so much as about corporate global sourcing strategies, premised on the existence of a reserve army of cheap labor. (Cited in McMicheal, 2004).NIGERIAN STRUCTURAL ADJUSTMENT POLICYThe Nigerian state has being plunged into economy depression, resulting from years of military de facto rule that is accompanied by corrupt tendencies. Public treasury was looted and money slashed to foreign countries by the military leaders. As a way to revive the country’s economy, in 1979 the civilian government of Nigerian, lead by President Shagari approached IMF for loan. The conditionality given by IMF, as aforementioned, made the government to be reluctant in implementing the structural adjustment policies. Before now the civilian government have open a floodgate to external borrowing. According to Iyoha (2000:235), “in the 1980s, Nigeria’s external debt rapidly escalated, largely as a result of falling oil exports earnings.From a position in which Nigeria was under borrowed in the late 1970s (her external debt stock amounted to a mere US $985 million in 1977), Nigeria became of the most heavily indebted countries in sub Saharan Africa, with total external debt peaking at over US $33 billion in 1991”. Furthermore, Uwatt (1998:134), stated that it was not until 1983 that Nigerian economy started experiencing external debt crisis. Since then the Nigerian government has adopted a number of debt management policies and strategies to address the problem. These include restraint in external borrowing, debt refinancing and rescheduling, debt conversion/ debt equity swap, soliciting for forgiveness and cancellation, debt buyback, limiting debt service to a maximum of 30% of export earnings, reconciliation of debt owned to the Paris club and economic reforms.It was until 1985 that the military regime of Ibrahim Babaginda adopted and implemented the conditionality of the IMF. As the crisis in the Nigeria economy became more severe, the World Bank and the International Monetary Fund (IMF) became increasingly prominent in shaping economic policy. The government hit by worsening terms of trade for oil, and pressed for credit facilities entered into negotiations with the IMF for a standy loan. “IMF, all their programme stress deregulation of all economy activities and favors a free market economy. The two basic approaches of the IMF are monetary and absorptive approach” (Obadan & Ekuerhare, 1993:17). The main features of the Nigerian structural adjustment policy package include strengthening of existing demand management policies; supply-side measures; adoption of a realistic market determined exchange auctioning; rationalization and restructuring of tariffs; trade and payments liberalization. Others include, greater reliance on market forces and strengthening of the private sector; adoption of appropriate pricing policies, especially for petroleum products and public enterprises; rationalization of public expenditure; and debt management policies (ibid: 24)The IMF holds the view that the basic cause for the external imbalance of a country is excessive monetary expansion, which affects relative prices, thus encouraging imports, discouraging exports, and inducing unfavorable capital movements. It further contends that while monetary expansion may be due to factors which have their origin in the private sector of an economy in recent years, large fiscal deficits in the public sector have been in main cause of excessive monetary expansion in many developing countries (ibid :19). The implementation of the IMF structural adjustment saw the Nigerian economy moving from one state of economy depression to another deeper depressed situation. The inflationary rate became escalated and a galloping inflationary rate was in place. The per capita income level of the Nigerian became dwindled as the years pass by.The implementations of the IMF medicine brought negative impact, and worsen the economy situation of Nigeria. It is debatable whether the failure of the structural adjustment programme is adduced to poor policy implementation or that the IMF conditionality at aimed at favoring the economy of advance countries at the expense of third world country. According to Kodjo (1993:79), “IMF and its structural adjustment programmes are fashioned to maintain the capitalist economic dependence of third world countries,. Socialism could possibly be a way out but many socialist countries are but developing economies and cannot provide any substitute for IMF/ World Bank loans”. The depressed economy of Nigeria, at the aftermath of the implementation of SAP, saw the migration of many professionals away from the shore of the country to developed countries. This brain drain brought about the massive lost of capable labor needed to restructure the ailing economy of the country.CONCLUSIONThe SAP advocated for the recovery of third world countries economy, most times do not bring about favorable result. Most third world countries in Asia and Africa that have implemented the SAP policy either see no positive improvement or they are made worst off. Most critics of IMF have argued that the institution is not different from the colonial administrators who received and obediently implemented orders from the colonial metropolis. It is thus, advisable that third countries, like Nigeria, should be self-reliant and depend less on this machinery for capitalist exploitation. In addition, leaders of third world countries should show the leadership-will to develop their countries through effective reform measures.