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External Debt Load and Socioeconomic Realities Nexus: From Nigeria

Timi Uzakah

Abstract

The socioeconomic reality and foreign debt load of Nigeria are the subjects of the study. An ex post facto research strategy was employed in the investigation. The government's coffers are the dependent variable, whereas the stock of foreign debt, the payment of external debt, and the human development index are the independent factors. The theoretical framework utilised was that of the debt cycle and debt overhang. Both countryeconomy.com and Nigeria's debt management agency provided secondary data. Data was collected from 2014 to 2023 using descriptive statistics and regression analysis findings from E-view 10 software to determine the amount of correlation between the variables. Relationships between independent and dependent variables were estimated using the Ordinary Least Square method. Both the stock of Nigeria's foreign debt and the country's human development index and government revenue are not significantly correlated with one another, according to the results. Revenue collected by the Nigerian government has a positive and statistically significant relationship with the HDI. Finally, the stock and payment of Nigeria's external debt have little relationship with the country's socioeconomic realities. The human development index has a substantial effect on the economic and social reality of Nigeria. Advice: the government should do something to increase commodity sales and exports so they can get the money they need. The service tax has to have its rate increased in order to bring in more money. The Human Development Index is the gold standard of social and economic performance metrics; it indicates how well a nation takes care of its residents in terms of both health and longevity.

Keywords

Debt LoadExternalRealitiesSocioeconomic

References

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