Economic and Financial Review


Central Bank of Nigeria


External Debt, Debt problem, Debts, Nigeria


This article provided the most recent information on efforts being made to reduce Nigeria's huge external debt burden. In order to evaluate such efforts, it discussed both theoretical and practical issues on the international management of the debt crisis. It was observed that the wide gulf between the debtor countries and the creditors, especially the commercial banks has been significantly bridged in the last three years. The article noted that while Nigeria has made commendable progress in reducing her debt burden, a lot more still needs to be done to make the efforts to have the desirable positive impact. More astute use of the emerging market-oriented options for debt reduction must be combined with vigorous efforts aimed at reducing external payments problems. The article concluded that current debt management efforts should be part of a medium/long term look at the national external borrowing strategies which should properly be integrated with the overall macroeconomic policy framework. It also emphasised the importance of accurate and up-to-date information for effective debt management and strategies.

Author Bio

The author is a staff of Central Bank of Nigeria

Publication Title

CBN Economic and Financial Review





Recommended Citation

Ojo, M. O. (1989). Nigeria's External Debt Problems: A Review of Management Efforts and the Prospects. CBN Economic and Financial Review. 27(2), 46-60.



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