EXTERNAL DEBT BURDEN AND THE ECONOMIC GROWTH IN NIGERIA
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ABSTRACT
This study examines the external debt burden and the economic growth in Nigeria. Data for the study are collected from the World Bank and Central Bank of Nigeria Statistical Bulletin. The variables on which data are sourced include gross domestic product, domestic debt, external debt, and real interest rate. Gross domestic product is the dependent variable while external debt, Domestic debt and real interest rate are the major explanatory variables. The scope of the study covers the period from 2002 to 2013 and data are analyzed using the ordinary least squares regression technique. The regression results indicate that external debt exerts a significant negative influence on economic growth and that external debt has a strong and significant more than domestic debt. The other factors are insignificant in explaining economic growth under this scenario. Thus, the study recommends a more purposeful borrowing pattern and revenue generation through profitable capital investments as the remedy for a foreign debt crisis in the country. The study also suggests a revival of abandoned industries as a more effective way of reducing foreign borrowing, creating employment opportunities and alleviating poverty in the country.
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