Economic and Financial Review


Central Bank of Nigeria, Research Department


External Debt, Debt service, Sub-Saharan Africa, External Debt Service


The paper investigated how changes in commodity prices, exchange and interest rates, and terms of trade affect external debt service. The paper employed capital recovery theory and regression analysis in evaluating a model for Sub-Saharan Africa as a whole, and Nigeria, Ghana, Cote d'Ivoire and Egypt. The results of the study confirmed empirically the widely held view that increase in commodity prices enhances the ability of the countries in the region to service their external debts.





Recommended Citation

Uchendu, Okorie A. (1994). The determinants of external debt service in Africa. CBN Economic and Financial Review, 32(1). 34 - 46.



To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.