Impact of monetary policy on the Nigeria economy
THE EFFECT OF EXTERNAL DEBT ON THE NIGERIA ECONOMY (1989 - 2009)
ABSTARCT
This study is meant to examine the effect of external debt on gross domestic product using econometric analysis.
The research revealed that Nigeria’s external debt has contributed immensely to the gross domestic product. This has affected investment on the domestic productivity and hence invariably affected the economic growth and development. Due to the macroeconomics distortion in the economic growth and development like the problem of unemployment, inflation, balance of payment disequilibrium and a lot of others.
The researcher gave recommendation in view of the research finding such as
(1) The need for the improvement of domestic social transformation to pave way for a social self-reliant economy by developing science and technology.
(2) Government should de-emphasis export led growth based on foreign exchange earning from primary product.
(3) Government should embark on policy measure to ensure full employment.
(4) Mobilization of human and materials resources to achieve the objective of sustain growth towards externally source fund are channeled into productively activities
Chapter one
Introduction
1.1 Background of the Study
The accumulation of external debt is common phenomenon of the third world countries at the stage of economic development where the supply domestic savings is low, current account payment deficit are high and imports of capital are needed to augment domestic resources. Early 1970’s, the external debt of developing countries was relatively small and primarily an official phenomenon, the majority of creditors being Foreign Governments and International Financial Institutions such as IMF, the World Bank and Regional Development Bank. However, during the late 70’s and early 80’s Commercial Banks began, playing a large role in International Lending by recycling surplus OPEC
ABSTARCT
This study is meant to examine the effect of external debt on gross domestic product using econometric analysis.
The research revealed that Nigeria’s external debt has contributed immensely to the gross domestic product. This has affected investment on the domestic productivity and hence invariably affected the economic growth and development. Due to the macroeconomics distortion in the economic growth and development like the problem of unemployment, inflation, balance of payment disequilibrium and a lot of others.
The researcher gave recommendation in view of the research finding such as
(1) The need for the improvement of domestic social transformation to pave way for a social self-reliant economy by developing science and technology.
(2) Government should de-emphasis export led growth based on foreign exchange earning from primary product.
(3) Government should embark on policy measure to ensure full employment.
(4) Mobilization of human and materials resources to achieve the objective of sustain growth towards externally source fund are channeled into productively activities
Chapter one
Introduction
1.1 Background of the Study
The accumulation of external debt is common phenomenon of the third world countries at the stage of economic development where the supply domestic savings is low, current account payment deficit are high and imports of capital are needed to augment domestic resources. Early 1970’s, the external debt of developing countries was relatively small and primarily an official phenomenon, the majority of creditors being Foreign Governments and International Financial Institutions such as IMF, the World Bank and Regional Development Bank. However, during the late 70’s and early 80’s Commercial Banks began, playing a large role in International Lending by recycling surplus OPEC