IMPACT OF EXTERNAL DEBT ON NIGERIAN ECONOMY (1985-2011).
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IMPACT OF EXTERNAL DEBT ON NIGERIAN ECONOMY (1985-2011).
ABSTRACT This paper arose from a desire to provide a thorough grasp of Nigeria’s economic debt. The overall goal of this research was to assess the influence of external debt on the development of the Nigerian economy between 1985 and 2011.
The models utilised in this study were to assess the developmental relationship between the independent and dependent variables. The data were gathered from the Federal Office of Statistics CBN statistical bulletin 2011 and the International Monetary Fund (IMF).
The reason of research was analysed using the ordinary least squares method (OLS). In addition, the Augmented Dickey Fuller test (ADF) demonstrated that the variables are dependable for predicting, although the usage of OLS was most appropriate for the study in terms of goodness of fit and regression coefficient significance.
The findings of the study found that an increase in external debt has a good impact on Nigeria’s economic development, but an increase in external debt services has a favourable impact on Nigerian economic development.
Thus, the conclusion was reached that external debt is fast expanding since loans were procured for dubious enterprises and individual pockets rather than being invested in productive initiatives such as increasing exports.
And, according to the advice, the government should incur external expenditures for developmental projects while also effectively monitoring the use of external funds to safeguard Nigeria’s economic progress.
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