NIGERIA’S EXTERNAL DEBT AND IT’S MANAGEMENTS » Download Project Topics

Abstract:

The quantum leap of Nigerian external debt since the beginning of the 1980s has generated lot of problems for the country most importantly in its economic, social, political and overall growth and development. This increasing volume of the country’s external debt and other affiliated problems has retarded its growth and the quest for development. Hence, the resultant issues arising from this debt burden and its management. For a better analysis of this study therefore, the secondary data were sourced and analysed in accordance with the ethos of social science research methodology. The scope of which covers a period of 15years (1983 to 1999). Literature available to us, expressed that Nigeria as well as sub-sahara Africa is heading for an unrelenting crisis of tragic proportions. Base on the fact that Africa has suffered a protracted and calamitous economic crisis that conventional adjustment policies has tried to ameliorates in rare cases. One of the crisis in this regard is a rising external debt profile. This External debt is contend to be a financial obligation which a country (like Nigeria), Its structures or agent owes other states or organisation around the world. This which started to manifest in the 1980s and stood at 32 billion as at the end of the 1999. The reasons for defaulting most of these loans were it inability to repay them,due dates.. Duely, loans are contracted from creditors both from multilateral and Bilateral inter national organisations and countries These loan are contracted by the Nigerian government and private sectors. The burden of which is as a result of the inability to bridge the gap between domestic resources. The trend in the Nigerian external loans shows a remarkable increment in the nation’s external debt from an insignificant N684.8 million in 1977 to over N3.0 billion in 1990s . A significant need for an effective management of these external debts

NIGERIA’S EXTERNAL DEBT AND IT’S MANAGEMENTS