IMPACT OF EXTERNAL DEBT ON ECONOMIC GROWTH IN NIGERIA

IMPACT OF EXTERNAL DEBT ON ECONOMIC GROWTH IN NIGERIA

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IMPACT OF EXTERNAL DEBT ON ECONOMIC GROWTH IN NIGERIA


73 Pages, Chapter 1-5
MS Word

08062235854

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Description

This study empirically investigated the relationship between external debt and economic development of Nigeria. The study covered the period from 1981 to 2013 and adopted a causality research approach. Data on the proxies of economic development were used in establishing the relationship and the degree of significance. Regression technique was used in order to establish the nature and degree of the relationship between the variables. The major findings of this study showed that  that there is a general increase in the external debt stock of the country over the years mostly due to accrued volatile compound interest and the ever increasing appetite of various governments to secure loan for dubious projects. Moreso, it was also found that the external debt of Nigeria has been productive in terms of its contribution to the growth process of the country. In addition, findings showed that inflation has a non-significant negative impact on economic growth in Nigeria. This showed that an increase in inflation rate will lead to a non-significant decreases in economic growth. Moreso, it was also discovered that exchange rate has a significant negative impact of economic growth.Furthermore, it was also discovered that government expenditure for the period under study does the growth of Nigeria economy unlike external debt serving and interest rate. In a nutshell all this variable were not statistically significant. However, the Nigerian government should investigate the reasons behind the non-contribution of external debt to the GDP per capita of the country with a view to unveiling the bottlenecks and correct them.

Keywords: External debt, Economic development, Standard of living, Economic development theories, Nigeria.

TABLE OF CONTENTS

CHAPTER ONE: INTRODUCTION

1.1       Background of the Study

1.2       Statement of Problem

1.3       Objectives of the Study

1.4       Justification of the Study

1.5       Research Question

1.6       Statement of the Hypothesis

1.7       Research Methodology and Sources of Data

1.8       Scope and Limitation of the Study

1.9       Plan of the Study

1.9.1    Definition of Terms

CHAPTER TWO: LITERATURE REVIEW AND THEORETICAL FRAMEWORK

2.0       Introduction

2.1       Literature Review

2.2       THEORETICAL FRAMEWORK

2.2.1    Origin of Nigeria’s External Debt

2.2.2    Causes of Nigeria’s External Debt

2.2.3    Sources of Nigeria’s External Debt

2.2.4    Problems of External Debt

2.2.5    Management of External Debt

2.2.6    Impact of External Debt on Economic Development

2.3       Empirical Review

CHAPTER THREE: RESEARCH METHODOLOGY

3.1       Introduction

3.2       Sources of Data

3.3       Re-Statement of Research Hypothesis

3.4       Method of Data Analysis/Estimation Techniques

3.5       Model specification

3.6       A-Prior Expectation

3.7       Decision Making Criteria

3.7.1    S.E. Test

3.7.2    T-test & P-Value

3.7.3    R2 or Adjusted R2

3.7.4    F-Statistics

3.7.5    Durbin Watson

CHAPTER FOUR: PRESENTATION OF RESULT AND DATA ANALYSIS

4.1 Introduction

4.2       Presentation of Empirical Result

4.3       Interpretation of regression results

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS

5.1       Summary of Findings

5.2       Conclusion

5.3       Recommendations

REFERENCES

APPENDIX: Data

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