Impact Of External Debt On The Economy Of Nigeria (1970-2012)

ABSTRACT

This study explained the impact of external debt on economic growth of the country. In the process of the research, the researcher reviewed the list of Nigeria external debt profile from 1970-2013. The work was done using secondary data and the hypotheses stated were tested with multiple regression. After the study, the researcher concluded that there is negative impact of external debt on the economic growth of Nigeria. In the study area, thus the study recommends that government should take necessary steps that will help reduce the increasing rate of external debt in the country. Also, the researcher recommended that government should utilize its borrowed funds to develop the sectors for which the funds were borrowed. Government should adopt strategies that will help in minimizing the rate of dependence on foreign borrowing in the country.