Central Bank of Nigeria
Debt, External Debt, Nigeria
This paper traces the genesis of Nigeria's external debt from the period prior to the introduction of the Structural Adjustment Programme (SAP) to the current period. 'The factors which combine to bring the external debt to the current level comprise borrowings from the multilateral and bilateral Institutions, the accumulation of trade arrears, default in the repayment of loans, capitalization of unpaid interest, and depreciation of the U.S. dollar against other major international currencies In which the loans were contracted. Measures taken to limit the growth of Nigeria's external debt include embargo on new loans, directives to State Governments to minimize external borrowings, and the adoption of SAP as well as refinancing, restructuring and rescheduling of the debt. With regard to the debt owed to the London Club,
CBN Economic and Financial Review
Central Bank of Nigeria (1992). Management of External Debt: Nigeria's experience. CBN Economic and Financial Review. 30(1), 70-81.