Effect of External Debt on Economic Growth in Nigeria
Abstract
The study focused on the effect of External Debt on the economic growth in Nigeria. To achieve the objective of the study, ex-post facto research design was adopted. The data were collected through secondary source from CBN statistical bulletin and World Bank data bulletin from 1993- 2023. Multilateral Debt, Paris club debt, London club debt, promissory note debt and others debt were used to measure external debt while gross domestic product was used to measure economic growth. The data collected were analyzed using ordinary least square multiple regression analysis. The result from the analysis revealed that Multilateral Debt, Paris club debt, London club debts, promissory note debt and other debts have significant effect on economic growth in Nigeria. Based on the findings, it was recommended that the total external debt incurred should be channeled towards the purpose meant for its existence. The structure of the external debt should be apportioned to the ratio of its lowest interest that would be later used in financing that particular external debt. Also, the issues of other external debt should be identified for the purpose of analyzing the general economy.
References
Adebisi, O. S., & Ogunrinola, I. O. (2019). Debt servicing and economic growth in Nigeria: An autoregressive distributed lag (ARDL) approach. International Journal of Economics and Financial Issues, 9(3), 170-179. Adeniran, T. A., & Alimi, R. S. (2017). External debt and economic growth in Nigeria: An empirical analysis. African Development Review, 29(4), 618-630. Adenuga, A. O., & Oke, J. T. O. (2018). Debt servicing and economic growth in Nigeria: A co- integration and causality analysis. International Journal of Economics, Commerce and Management, 6(12), 209-222. Adepoju, A. A., & Salau, S. S. (2016). External debt and economic growth in Nigeria: An ARDL bound testing approach. Journal of Economics and Sustainable Development, 7(2), 76-84. Adigun, O. F., & Adeola, O. S. (2020). Debt servicing and economic growth in Nigeria: A vector error correction model (VECM) approach. Journal of Economics and Sustainable Development, 11(2), 27-37. Afolabi, S. A., & Ajibade, T. (2018). Debt servicing and economic growth in Nigeria: An autoregressive distributed lag (ARDL) approach. International Journal of Economics and Financial Issues, 8(5), 150-157. Akinbobola, T. O., & Ezie, C. C. (2019). External debt and economic growth in Nigeria: An ARDL bound testing approach. Economies, 7(3), 85. Akpan, U. F., & Emmanuel, E. O. (2018). Debt servicing and economic growth in Nigeria: A causality analysis. CBN Journal of Applied Statistics, 9(1), 103-116. Alhassan, A. L., & Ibrahim, A. A. (2020). Debt servicing and economic growth in Nigeria: A time series analysis. International Journal of Research in Business and Social Science, 9(6), 98- Amakom, U. O., & Nwachukwu, I. N. (2016). Debt servicing and economic growth in Nigeria: A co-integration and causality analysis. International Journal of Finance and Banking Research, 2(3), 43-53. Anyanwu, J. C. (2015). The determinants of external debt in Nigeria. African Development Review, 27(4), 372-383. Azeez, B. A. (2017). External debt and economic growth in Nigeria: A co-integration and causality analysis. Journal of Economics and Sustainable Development, 8(7), 151-161. Babatunde, M. A., Ogunrinola, I. O., & Olubiyi, E. O. (2018). External debt and economic growth in Nigeria: An autoregressive distributed lag (ARDL) approach. Journal of Economics and Sustainable Development, 9(7), 44-53. Dauda, R. O., & Okereke, A. I. (2019). Debt servicing and economic growth in Nigeria: A time series analysis. Journal of Economics and Sustainable Development, 10(3), 16-28. Elu, J. U., & Price, G. N. (2016). External debt, trade, and FDI on economic growth of Nigeria: A vector autoregression analysis. Journal of African Business, 17(1), 1-25. Falayi, O. O., & Ogunrinola, I. O. (2019). External debt and economic growth in Nigeria: A time series analysis. International Journal of Economics and Financial Issues, 9(1), 15-25. brahim, T. M., & Yusuf, S. A. (2018). The effect of external debt on economic growth: Evidence from Nigeria. International Journal of Academic Research in Business and Social Sciences, 8(11), 401-412. Ioraver, A. L., & Stephen, A. E. (2015). External debt and economic growth in Nigeria: An empirical investigation. International Journal of Economics, Commerce and Management, 3(6), 203-217. Jibrin, I. (2016). External debt and economic growth in Nigeria: A time series analysis. International Journal of Economic Perspectives, 10(2), 290-298. John, A. (2017). External debt and economic growth in Nigeria: A co-integration and causality analysis. Journal of Economics and Sustainable Development, 8(1), 39-49. Lawal, A. I., & Yahaya, H. I. (2018). External debt and economic growth in Nigeria: A co- integration and causality analysis. International Journal of Advanced Research and Publications, 2(12), 1-10. Ogunrinola, I. O., & Babatunde, M. A. (2020). Debt servicing and economic growth in Nigeria: A time series analysis. Journal of Economics and Sustainable Development, 11(10), 34-45. . Ojo, M. O., & Adeusi, S. O. (2020). External debt and economic growth in Nigeria: An ARDL bounds testing approach. CBN Journal of Applied Statistics, 11(1), 85-99. Oke, J. T. O., & Adenuga, A. O. (2019). External debt and economic growth in Nigeria: A co- integration and causality analysis. International Journal of Economics and Financial Issues, 9(3), 76-84. Olalekan, Y. A., & Lawal, A. I. (2017). External debt and economic growth in Nigeria: A time series analysis. Journal of Economics and Sustainable Development, 8(15), 38-48. Onyinye, O. G., & Ngozi, E. O. (2016). External debt and economic growth in Nigeria: A time series analysis. International Journal of Advanced Research in Management and Social Sciences, 5(4), 65-78. Umar, M. A., & Ibrahim, M. (2021). External debt and economic growth in Nigeria: A co- integration and causality analysis. International Journal of Economics and Financial Issues, 11(1), 101-111. Yusuf, S. A., & Ibrahim, T. M. (2017). Debt servicing and economic growth in Nigeria: A co- integration and causality analysis. International Journal of Finance and Banking Research, 3(5), 39-47. Zakari, U. M., & Ehinomen, C. (2018). External debt and economic growth in Nigeria: A vector error correction model (VECM) approach. Journal of Economics and Sustainable Development, 9(12), 147-156. Abdulrazaq, M. T., & Musa, M. S. (2019). Debt servicing and economic growth in Nigeria: An autoregressive distributed lag (ARDL) approach. International Journal of Economics, Commerce and Management, 7(1), 48-58. Adamu, S. J., & Aliyu, A. (2016). External debt and economic growth in Nigeria: An empirical analysis. International Journal of Development and Sustainability, 5(9), 38-48. Adeniji, A. O., & Adetunji, O. S. (2017). Debt servicing and economic growth in Nigeria: A time series analysis. International Journal of Economics and Financial Issues, 7(2), 58-65. Adeyemi, A. O., & Atiku, S. A. (2018). External debt and economic growth in Nigeria: A co- integration and causality analysis. Journal of Economics and Sustainable Development, 9(10), 58-67. Afolabi, S. A., & Ajibade, T. (2018). Debt servicing and economic growth in Nigeria: An autoregressive distributed lag (ARDL) approach. International Journal of Economics and Financial Issues, 8(5), 150-157. Agara, U., & Amakom, U. O. (2017). External debt and economic growth in Nigeria: A time series analysis. International Journal of Development and Sustainability, 6(2), 41-53. Akanbi, O. M., & Yusuf, M. (2018). Debt servicing and economic growth in Nigeria: A causality analysis. International Journal of Business and Management, 6(3), 112-122. Akinola, O. B., & Abdulrazaq, M. T. (2019). External debt and economic growth in Nigeria: A time series analysis. International Journal of Economics and Financial Issues, 9(2), 197- Ali, M. A., & Tukur, B. M. (2016). Debt servicing and economic growth in Nigeria: A co- integration and causality analysis. International Journal of Economics, Commerce and Management, 4(5), 108-120. Aliyu, A. M., & Sule, A. I. (2017). External debt and economic growth in Nigeria: A time series analysis. International Journal of Development and Economic Sustainability, 5(3), 12-28. Aluko, O. A., & Ogunrinola, I. O. (2019). Debt servicing and economic growth in Nigeria: A vector error correction model (VECM) approach. International Journal of Economics and Financial Issues, 9(1), 45-53. Amadi, J. C., & Ugwu, J. C. (2018). External debt and economic growth in Nigeria: An empirical analysis. International Journal of Research in Management, Science & Technology, 6(1), 112-124. Aremu, J. A., & Salau, S. S. (2017). Debt servicing and economic
More Articles from INTERNATIONAL JOURNAL OF ECONOMICS AND FINANCIAL MANAGEMENT
Bridging Legal, Financial, and Data Governance in Enterprise AI: Emerging Trends
Author: Funmilayo Ashore-Onisemo, Ebehiremen Faith Iziduh, Uchechi Mary-Linda Unamma, Ifeanyichukwu Jeffrey Okwesa
Document Governance and Organizational Learning Among Administrative Officers of Agricultural Research Institutes in Southwest Nigeria
Author: Titilayo Juliet Sodiyan1 Oluwatosin A. Ologboosere2
Macroeconomic Policies and Economic Stability in Nigeria
Author: Abel-Tariah Emmanuel Onate, Okon, Ekanem Nsikhe, Nwenyi Francis Onwe
Oil Price Shocks and Macroeconomic Adjustment: Evidence on Exchange Rate, Inflation, and Interest Rate Dynamics in Nigeria
Author: F. A. Adebimpe, A. A. Onabote
Determinants of Bank Liquidity in Nigeria
Author: Nelson Johnny Ebifemo-ere Stephen