Skip to content
Research Article Open access CC BY 4.0

External Debt and Economic Growth of Nigeria: An Empirical Investigation

S. Sajuyigbe, Ademola, A. Odetayo, Tajudeen, Z. Adeyemi, Adewumi

South Asian Journal of Social Studies and Economics · pp. 1–11 · Published 12 May 2018

10.9734/sajsse/2018/v1i225780

Abstract

The study investigates the impact of external debt on economic growth in Nigeria for the period 1999-2015. The data for this study was obtained mainly from secondary sources mainly from Central Bank of Nigeria (CBN) Statistical Bulletins and Debt Management Office. Time series data on Gross Domestic Product (GDP) as a proxy for Economic Growth, External Debt Stock (EXDS), External Debt Service Payment (EDSP), and Exchange Rate (EXGR) were used for the analysis. The techniques of Estimation employed in the study include Augmented Dickey Fuller (ADF) test, Johansen Co-integration, Vector Error Correction Mechanism and Granger Causality Test. Results show that external debt has an inverse effect on economic growth in Nigeria. Subsequently, the study recommends that government should empower Debt Management Office to set the mechanism in place, ensure that loans are utilised for purposes they are meant for and prosecute corrupt public officers who siphoned the money.

External debt external debt stock external debt service payment economic growth Nigeria

Cited by 15

External debt and economic growth in Nigeria

Keji Sunday Anderu, A. Omolade, A. Oguntuase · Journal of African Union Studies · 2019

Article metrics

Real usage data collected on this platform.

0

Page views

0

PDF downloads

0

Outbound clicks

15

Citations

Views by country

Approximate, from request IP at view time — not citizenship or institution. Countries with fewer than 5 views are grouped as "Other".

No views recorded yet.

Traffic sources

Referring site, by host.

No traffic recorded yet.

Views and downloads exclude known bots/crawlers. Citations combines this platform's own DOI-resolved index with each external source's own reported total — see Cited by above for individually listed citing works. Last refreshed 0 seconds ago.