Economic and Financial Review
Publisher
Central Bank of Nigeria
Keywords
Economic Growth, Foreign Debt, Nigeria
Abstract
In this study, a macro-economic model is used to examine the relationship between external debt and economic growth in Nigeria. The study has established empirically that foreign credit only contributed positively to growth between 1988 and /992 when the resources mobilized externally were used in directly productive activities. However, between 1979 and /987 as well as the period /993-/994, there was a negative relationship between foreign capital and growth. Among other factors, policy inconsistencies, drying up of external assistance and political instability were identified as the main factors that militated against foreign credit-induced growth of the Nigerian economy.
Publication Title
CBN Economic and Financial Review
Issue
1
Volume
34
Recommended Citation
Ashinze, J. O. & Onwioduokit, E. A. (1996). Economic Growth and Foreign Debt: A Case Study of Nigeria. CBN Economic and Financial Review. 34(1), 523-540.