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Effects of Rising External Debt; Empirical Evidence from Nigeria

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Effects of Rising External Debt; Empirical Evidence from Nigeria


Charity Ifunanya Osakwe | Anachedo, Chima Kenneth | Okonkwo, Jisike Jude



Charity Ifunanya Osakwe | Anachedo, Chima Kenneth | Okonkwo, Jisike Jude "Effects of Rising External Debt; Empirical Evidence from Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-2, February 2022, pp.1091-1098, URL: https://www.ijtsrd.com/papers/ijtsrd49359.pdf

External debt which is inevitable as government revenue diminishes, or sometimes as a result of financial mismatch especially in the case of Nigeria, which is an import base nation gives concern. This study seeks to investigate the effect of external debts on the Nigerian economy from a period of 1990 – 2020. This study used an ex post facto research design, Augumented Dickey Fuller (ADF) unit root was used for stationarity test and the Vector Auto Regressive Distributive Lags test was employed for the data analysis. The variables tested were External debt being the independent variable while Exchange rate, growth rate of GDP and Inflation rate are the dependent variables. Findings revealed that external debt impedes economic growth leading to deteriorating exchange rate which is followed by increase in inflation, which hampers economic growth. Recommendations of the authors from the findings is that the fiscal authorities should liaise with the monetary authorities on the best sources and uses of funds to eradicate the issue of financial mismatch but rather contribute both to infrastructural development and economic growth in the country.

External debt, Government revenue, financial mismatch, Exchange rate, Inflation rate, Gross Domestic Product


IJTSRD49359
Volume-6 | Issue-2, February 2022
1091-1098
IJTSRD | www.ijtsrd.com | E-ISSN 2456-6470
Copyright © 2019 by author(s) and International Journal of Trend in Scientific Research and Development Journal. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (CC BY 4.0) (http://creativecommons.org/licenses/by/4.0)

International Journal of Trend in Scientific Research and Development - IJTSRD having online ISSN 2456-6470. IJTSRD is a leading Open Access, Peer-Reviewed International Journal which provides rapid publication of your research articles and aims to promote the theory and practice along with knowledge sharing between researchers, developers, engineers, students, and practitioners working in and around the world in many areas like Sciences, Technology, Innovation, Engineering, Agriculture, Management and many more and it is recommended by all Universities, review articles and short communications in all subjects. IJTSRD running an International Journal who are proving quality publication of peer reviewed and refereed international journals from diverse fields that emphasizes new research, development and their applications. IJTSRD provides an online access to exchange your research work, technical notes & surveying results among professionals throughout the world in e-journals. IJTSRD is a fastest growing and dynamic professional organization. The aim of this organization is to provide access not only to world class research resources, but through its professionals aim to bring in a significant transformation in the real of open access journals and online publishing.

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