THE EFFICACY OF DEBT MANAGEMENT STRATEGIES ON NIGERIA'S EXTERNAL DEBT BURDEN (
THE EFFICACY OF DEBT MANAGEMENT STRATEGIES ON NIGERIA'S EXTERNAL DEBT BURDEN (
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Date
1996-03
Authors
EPUNDU, PATRICIA LUCIA
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Abstract
Research studies were carried out over a period of 21 years (1976 - 1996) to assess
the efficacy of debt management strategies on Nigeria's external debt in relation to
the looming profile of the country's debt and debt service burden in the 1980s. As a
result of the ever increasing debt burden on the government and the telling effect of
the burden on the citizenry, the government decided to decisively embark on some
policy measures aimed at managing these problem efficiently.
The sole purpose of embarking on effective management policies was to stimulate
economic growth. This study has been able to examine critically the extent to which
the evolved policies vis-a-vis external debt management strategies put in place have
been successful or otherwise. In order to ease our task, ratios such as debt service
payment to exports, debt service payment to GDP at current factor cost among others
was employed in measuring their respective influence on the debt burden. This is
achieved by making debt service payment to export the dependent variable (because
it is commonly used as a proxy for external debt burden) while the other ratios - (debt
service payment to GDP at factor cost, exchange rate of the naira, external debt
outstanding to export earnings amongst others) serve as the independent variables.
The findings of the study revealed that these strategies are short-term in nature and
cannot solve the debt problem in the long run.
The study then recommends the application of international debt relief proposals,
reduction and cancellation of debt amongst others, as a long term solution to reduce
the debt burden of the nation.
Description
A THESIS SUBMITTED TO THE POSTGRADUATE SCHOOL,
AHMADU BELLO UNIVERSITY ZARIA, NIGERIA
IN PARTIAL FULFULLMENT OF THE REQUIREMENTS
FOR THE AWARD OF M.Sc DEGREE IN ECONOMICS
DEPARTMENT OF ECONOMICS
FACULTY OF SOCIAL SCIENCES
AHMADU BELLO UNIVERSITY, ZARIA
NIGERIA
MARCH, 1999
Keywords
EFFICACY, MANAGEMENT, STRATEGIES, NIGERIA'S EXTERNAL, DEBT BURDEN