ABSTRACT

 This studyfocuses on the effect ofexternal debt on Nigeria’s economic growth (1998-2018). All countries regard economic growth as their primary objective it is generally expected that developingfacedwith scarcity ofcapital will acquire external debt to augmentsavings. Economic growth is only possible through external borrowing ifthe borrowed resources are properly and adequately utilized and also, ifthe capital borrowedyields a rate ofreturn that is higher than the cost offoreign borrowing. There is nothing wrong ifa country goes into borrowing; what matters is the efficient management and utilization ofthose borrowedfinance. One lingering challenge of economic growth in Nigeria is inability to mobilize sufficient resources to implement economic social development agenda. The study made use ofan ex-post facto research design. The data collection were then tabulated and analyzed using simple regression analysis. The study reveals that external debt has no positive significant impact on economic growth in Nigeria. It also revealed that external debt has no positive significant influence on the value ofmoney. It also revealed that has no positive significant influence on inflation in Nigeria. Conclusively, the research work was able to show the negative impact of external debt on the major economic variables like inflation, economic growth andNaira value