Economic and Financial Review


Central Bank of Nigeria, Research Department.


Economic growth, Foreign debt, ARIMA models, External debt management


The implied relationship between foreign debt and economic growth is empirically examined in this paper. ARIMA models were developed for the endogenous variables of a dynamic error in - variable type model. Using data for the Nigerian economy, results of the analyses lend credence to a significant positive relationship. The paper goes further to recommend a more focused approach to external debt management in Nigeria if growth is to be realised through externally injected funds.





Recommended Citation

Essien, E.A. and Onwioduokit, E.A. (1998). Nigeria's economic growth and foreign debt: an analytical re-examination. Economic and Financial Review, 36 (1). 22 - 50.



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