TOWARDS THE REDUCTION OF NIGERIA'S DEBT BURDEN - THE ROLE OF DEBT CONVERSION SCHEME

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Date
1998-11
Authors
GAZI, RUTH,
NANLE
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Abstract
A B S T R A C T The world economic trend of rising prices of consumer goods, falling commodity prices and increasing debt especially as it affects developing countries, has attracted considerable attention and action from experts in various fields. Many measures have been adopted to ensure stability in world finance. These measures have worsened the financial position of many countries like Nigeria. The current debt crisis faced by Nigeria emanates from our disregard for information when made available, aversion to making projections of whatever data is at our disposal and an uncanny desire for an event to occur before solutions are sought. The debt conversion programme has been embarked upon by many nations with nothing as regards success to show for it, Though Nigeria's debt is small when compared to some Latin American countries. It has been found that the extent to which debt conversion has reduced the nation's external debt has not been appreciable enough to make it a worthwhile venture. I am therefore submitting here that the debts should be cancelled on the basis of the aurgument made above. As such, all avenue for arriving at such an option, should be sought by the government.
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DEPARTMENT OF BUSINESS ADMINISTRATION INSTITUTE OF ADMINISTRATION AHMADU BELLO UNIVERSITY ZARIA
Keywords
TOWARDS,, REDUCTION,, NIGERIA'S,, DEBT,, URDEN,, ROLE,, EBT,, CONVERSION,, SCHEME
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