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The Impact Of External Debt On Nigeria Economy (1985-2011)
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1.5 SIGNIFICANCE OF THE STUDY
The
study is important because it will help to know the amount of external
debt of the country and proffer solutions on how to control the debt of
the country based on the findings and recommendation of this work. It
will stand to help the policy makers, governments, researchers and the
students of related discipline. The research work will serve as a guide
to policy makers to enable them in making and implementing appropriate
laws that will guide the rate at which money is being borrowed from
other countries and also negotiate the maturity period to limit the
extent of external debt. This is implementing proper policies. This work
will be relevant to government in the area of debt management. Thus; it
will help the government to know the organisations and countries whose
maturity period are longer and also charge rate of interest and then
borrow from them so that the loan can be repayable as and when due. This
will also benefit the researchers and the students of related
discipline by serving as a reference material primarily geared towards
expanding the boundaries of knowledge.
1.6 SCOPE OF THE STUDY
The
study will focus on the Nigeria external debt and its impact on the
economy. The study will cover the period of 1985-2011. This period is
particularly pertinent for the study and the nation‘s economic history
because it covers a period of deficit financing and budgeting as well as
recessionary period involving sharp nose diving cum dwindling in
general societal aggregate demand which emanated as a result of low
level of savings in Nigeria economy which necessitated the undesirable
macro-economic problems and economic distress and fluctuations which may
come up inform of economic glut(dumping of unsold socks of goods due to
lack of patronage by the consumer, i.e. low or no effective demand of
the commodities or stock of the goods by consumers).
The period
witnessed the introduction of multifarious types of policies (fiscal and
monetary policies) and some programmes to bring the fluctuating Nigeria
economy to normalcy sees to achieve economic growth and development
which are the goals of macro-economic. In particular, the period
witnessed the period of bank consolidation/recapitalization policy,
deregulation, industrialization and open door policy. All these were
designed to bring the sagging economy in equilibrium.
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ABSRACT - [ Total Page(s): 1 ]This work evolved out of the zeal to provide an immense understanding of the Nigeria economic of debt. The broad objective of this study was to evaluate the impact of external debt on the development of the Nigeria economy within the life-span of 1985-2011.The models in this study was used to evaluate the developmental relationship between the independent variables and the dependent variables. The data were sourced from the Federal office of statistics, CBN statistical bulletin 2011, and interna ... Continue reading---
