The effect of external debt on economic growth of Nigeria

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Abstract

This research work is on The effect of external debt on economic growth of Nigeria. Sustainable economic growth is a major concern for any sovereign nation most especially the Less Developed Countries (LDCs) which are characterized by low capital formation due to low levels of domestic savings and investment. It is expected that these LDC’s when facing a scarcity of capital would resort to borrowing from external sources so as to supplement domestic saving. It was asserted that countries borrow for two broad reasons macroeconomic reason that is to finance higher level of consumption and investment or to finance transitory balance of payment deficit and avoid budget constraint so as to boost economic growth and reduce poverty. The constant need for governments to borrow in order to finance budget deficit has led to the creation of external debt.
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The effect of external debt on economic growth of Nigeria

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