ABSTRACT
The aim of this study is concerned with the impact of external debt management and economic growth in Nigeria as a case study of Debt Management Office, Abuja for the period of 2010 – 2019. The main objective of this study is to examine the effects of external debt on economic growth in Nigeria in terms of total external debt and gross domestic product for the period covers. Primary and secondary methods of data collection were used in gathering relevant data for this research work. The primary source adopted was the use of administered questionnaire while the secondary source is adopted was the use of financial summary from the debt management office, Abuja in the period 2010 – 2019. A non-probability quota sampling technique was used to select sample size of (22) respondents for the study using simple linear regression analysis. The researcher adopted longitudinal trend survey method using ex-post facto model. Data were collected, coded and analyzed using Pearson Product Moment co-efficient (to test hypothesis) and simple percentages and frequency tables were used to analyze the responses from respondents. H1 was accepted which states that external debt has significant influence on Nigeria’s economic growth in terms of total debt and gross domestic product for the period 2010 – 2019. A total of 22 questionnaires were administered, 20 were fully completed and returned while 2 were not returned. Findings reveal that the effects of external debt on economic growth in Nigeria include: increase in foreign inflow, increase in foreign investment and provision of infrastructure. Conclusion based on findings was drawn that there is a significant impact of external debt on economic growth and it was recommended that external debt should be contracted solely for economic reason and not for political or social reasons.Â
TABLE OF CONTENTS
Cover Page
Fly Leaf – – – – – – – – – i
Title Page – – – – – – – – – ii
Declaration – – – – – – – – – iii
Dedication – – – – – – – – – iv
Acknowledgements – – – – – – – – v
Abstract – – – – – – – – – vi
Table of Contents – – – – – – – – vii
List of Tables – – – – – – – – xi
List Appendices – – – – – – – – xii
List of Abbreviations and Acronyms – – – – – – xiii
CHAPTER ONE
INTRODUCTION
- Background of the Study – – – – – – 1
- Statements of the Problem – – – – – – 4
- Objectives of the Study – – – – – – 4
- Research Questions – – – – – – – 6
- Research Hypothesis – – – – – – – 6
- Significance of the Study – – – – – – 6
- Scope and Limitations of the Study – – – – – 7
- Organization of the Study – – – – – – 7
- Operational Definition of Key Terms – – – – 7
CHAPTER TWO
REVIEW OF RELATED LITERATURE
2.1 Conceptual Review – – – – – – – 9
2.1.1 Concept of Debt and External Debt in Nigeria – – – 10
2.1.2 Nigeria’s External Debt: Historical Perspectives – – – 12
2.1.3 The Place of Public Debt in Nigerian Economy – – – 13
2.1.4 The Emergence and Structure of Nigeria’s External Debt – – 16
2.1.5   Nigeria External Debt Creditors        –          –          –          –          –          19
2.1.6 External Debt Management Strategies – – – – 21
2.1.7 Nigeria External Debt Servicing – – – – – 23
2.1.8 Nigerian External Debt Rescheduling and Restructuring – – – 25
2.1.9 The Structure of Nigeria’s Public Debt – – – – 27
2.1.10 External Debt and Economic Growth – – – – 27
2.1.11 Causative Factors of Nigeria’s External Debt- – – – 29
2.1.12 Ways of Servicing External Debt – – – – – 30
2.1.13 Debt Relief and its Impact on Growth – – – – 33
2.1.14 External Debt and Concepts in External Debt – – – 35
2.1.15 The Effect of External Debt on Investment and Economic Growth – 39
2.1.16Â Economic Growth in Nigeria –Â Â Â Â Â Â Â Â Â Â –Â Â Â Â Â Â Â Â Â Â –Â Â Â Â Â Â Â Â Â Â –Â Â Â Â Â Â Â Â Â Â –Â Â Â Â Â Â Â Â Â Â –Â Â Â Â Â Â Â Â Â Â 40
2.2 Theoretical Review – – – – – – – 41
2.3 Empirical Review – – – – – – – 45
2.4 Summary of Related Literature – – – – – 47
2.5 Research Gap – – – – – – – – 47
CHAPTER THREE
METHODOLOGY
3.1 Research Design – – – – – – – 48
3.2 Area of the Study – – – – – – – 48
3.3 Population of the Study – – – – – – 48
3.4 Sample Size and Sampling Technique – – – – 48
3.5 Source and Nature of Data – – – – – – 49
3.6 Methods of Data Collection/Instrumentation – – – 49
3.7 Method of Data Analysis – – – – – – 49
3.8 Theoretical Specification of Model – – – – – 50
3.9 Empirical Specification of Model – – – – – 51
3.10Â Â Â Â Ethical Issues –Â Â Â Â Â Â Â Â Â Â –Â Â Â Â Â Â Â Â Â Â –Â Â Â Â Â Â Â Â Â Â –Â Â Â Â Â Â Â Â Â Â –Â Â Â Â Â Â Â Â Â Â –Â Â Â Â Â Â Â Â Â Â –Â Â Â Â Â Â Â Â Â Â –Â Â Â Â Â Â Â Â Â Â 52
CHAPTER FOUR
DATA PRESENTATION, ANALYSIS AND DISCUSSION OF FINDINGS
4.1 Presentation of Data – – – – – – – 53
4.2 Data Analysis – – – – – – – – 57
4.2.1 Research Question One – – – – – – 59
4.2.2 Research Question Two – – – – – – 60
4.2.3 Research Question Three – – – – – – 61
4.2.4 Research Question Four – – – – – – 62
4.2.5 Test of Hypothesis – – – – – – – 62
4.3 Discussion of Findings – – – – – – 63
CHAPTER FIVE
FINDINGS, CONCLUSION AND RECOMMENDATION
5.1 Summary of Findings – – – – – – 64
5.2 Conclusion – – – – – – – – 64
5.3 Recommendation – – – – – – – 64
5.4 Implication of Findings – – – – – – 65
5.5 Contribution to Knowledge – – – – – – 66
5.6 Suggestions for Further Study – – – – – 66
References
Appendices
