AN EVALUATION OF DEBT MANAGEMENT STRATEGIES IN NIGERIA, WITH EMPHASIS ON DEBT CONVERSION PROGRAMME (1988 - 1997)

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dc.contributor.authorILYASU, Gambo Muhammad
dc.date.accessioned2014-03-14T10:42:37Z
dc.date.available2014-03-14T10:42:37Z
dc.date.issued2014-03-14
dc.descriptionA THESIS SUBMITTED TO THE POSTGRADUATE SCHOOL, AHMADU BELLO UNIVERSITY ZARIA, IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION (M.B.A.) DEPARTMENT OF BUSINESS ADMINISTRATION FACULTY OF ADMINISTRATION AHMADU BELLO UNIVERSITY ZARIA, NIGERIAen_US
dc.description.abstractThis project is intended to critically evaluate the Debt Management Strategies in Nigeria right from inception in 1988 to 1997. The study identifies two key factors which caused the country's debt problems. There are internal factors — employment of isolationist and import substitution policies, resulting in over valuation, excessive reliance on single commodity — oil for foreign exchange earnings and above all, the cost of maintaining the political entity, Nigeria. Externally, factors such as increase in interest rates (dollar), currency adjustments (third currencies), decline in oil prices as well as world economic depression contributed significantly to the accumulation of foreign debt by Nigeria. In its efforts to manage the country's external debt, the government embarked on a Structural Adjustment Programme and employed amongst others, a debt buy back scheme, rescheduling and refinancing negotiations which later turned out to be rather inadequate. Therefore, other measures such as debt relief and debt equity swap schemes were introduced. The study also brings out the inadequacies of the traditional schemes (perceived to be costly and futile) which necessitated the need for a revised or introduction of new techniques of managing the country's external debt within a development perspective, that is revitalization of Nigeria's economy through attraction of foreign investment, at the same time reducing debt burden. The Nigerian debt management strategies are analyzed critically, noting in particular, the costs and benefits of the strategies on the part of various participants, on the Nigerian economy. In addition, the performance of the programme against its stated objectives was measured. Moreover, the ability of the scheme to cope with its perceived pitfalls is tested. Futile attempts have been made by the government to control problems such as inflation, round-tripping and foreignisation. The Nigerian Debt Management Strategies such as restructuring, refinancing, debt buy back, debt forgiveness and debt equity swap being analyzed in this study are by no means a panacea to Nigeria's debt problems. They may provide a temporary respite or contribute in lightening debt service difficulties, but cannot offer a permanent solution to the country's debt problem, neither will they be sufficient to restore Nigeria's creditworthiness and attract foreign capital.en_US
dc.identifier.urihttp://hdl.handle.net/123456789/3957
dc.language.isoenen_US
dc.subjectEVALUATION,en_US
dc.subjectDEBT MANAGEMENT STRATEGIES,en_US
dc.subjectNIGERIA,en_US
dc.subjectEMPHASIS ON DEBT CONVERSION PROGRAMMEen_US
dc.titleAN EVALUATION OF DEBT MANAGEMENT STRATEGIES IN NIGERIA, WITH EMPHASIS ON DEBT CONVERSION PROGRAMME (1988 - 1997)en_US
dc.typeThesisen_US
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