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Empirical and Evidence-Based Investigation: External Debt, Poverty and Economic Growth Nexus

Author

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  • Emmanuel Okokondem Okon
  • Onoja Israel Monday

Abstract

This study analyses the relationship among external debt, poverty and economic growth in Nigeria using annual time series data for the period 1986 through 2016 and employing a multivariate regression approach to estimate the augmented growth model specified. It was revealed that external debt is negatively and significantly related to economic growth. Also, positive and insignificant relationship between external debt service and economic growth was observed. There posit a positive significant relationship between exchange rate and economic growth. Finally, the empirical findings of this study shows positive significant relationship between per capita income (a measure of poverty level) and economic growth. However, an evidence-based survey conducted shows that the target beneficiaries did not actually benefit from the various poverty alleviation programmes set up in the country. In that light, government must build on already existing civil society groups, community-based organisations and their activities where possible when delivery services and resources to rural areas and communities in poverty and adequate financial markets access and strong bond market must be ensured by government to fortify the mechanism for efficient management of its debts.

Suggested Citation

  • Emmanuel Okokondem Okon & Onoja Israel Monday, 2017. "Empirical and Evidence-Based Investigation: External Debt, Poverty and Economic Growth Nexus," International Journal of Applied Economics, Finance and Accounting, Online Academic Press, vol. 1(1), pages 37-47.
    • Handle: RePEc:oap:ijaefa:v:1:y:2017:i:1:p:37-47:id:5
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    Cited by:

    1. Sharifah Nazatul Faiza Syed Mustapha Nazri & Mohd Ikram Abdul Rasib & Salwa Zolkifli, 2019. "The Influence of Competency, Usage of It and Career Expectation on Internal Auditor¡¯s Effectiveness in Ggovernment Linked Companies (GLCs)," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 10(3), pages 337-352, May.
    2. Bird, Kate & Chabé-Ferret, Bastien & Simons, Alexandre, 2022. "Linking human capabilities with livelihood strategies to speed poverty reduction: Evidence from Rwanda," World Development, Elsevier, vol. 151(C).
    3. Ahmad Almashaqbeh & Hasnah Shaari & Hijattulah Abdul-Jabbar, 2019. "The Effect of Board Diversity on Real Earnings Management: Empirical Evidence From Jordan," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 11(5), pages 495-508, August.
    4. Muhammad Zulfaris Mohd Salleh & Azwan Abdullah & Noorshella Che Nawi & Mohd Zulkifli Muhammad, 2019. "Assessing the Service Quality and Customer Satisfaction on Islamic Banking by Using SERVQUAL Model," Research in World Economy, Research in World Economy, Sciedu Press, vol. 10(2), pages 79-83, July.
    5. Ademola Obafemi YOUNG, 2019. "Why Has Growth Not Trickled Down to the Poor? A Study of Nigeria," Review of European Studies, Canadian Center of Science and Education, vol. 11(1), pages 156-156, December.
    6. Zalina Zainudin & Zarina Mohd Zaki & Abdul Razak Abdul Hadi & Hafezali Iqbal Hussain & Mazhar Hallak Kantakji, 2019. "Investor Sentiment and Firm Financial Performance of Malaysian IPO Firms: Pre and Post Financial Crisis," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 11(5), pages 450-458, August.
    7. Noman Arshed & Sidra Nasir & Muhammad Ibrahim Saeed, 2022. "Impact of the External Debt on Standard of Living: A Case of Asian Countries," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 163(1), pages 321-340, August.
    8. Khemais Zaghdoudi, 2018. "Is the relationship between external debt and human development non-linear? A PSTR approach for developing countries," Economics Bulletin, AccessEcon, vol. 38(4), pages 2194-2216.
    9. Mohamad Helmi bin Hidthiir & Muhammad Farhan Basheer & Saira Ghulam Hassan, 2019. "The Simultaneity of Corporate Financial Decisions Under Different Levels of Managerial Ownership: A Case of Pakistani Listed Firms," Research in World Economy, Research in World Economy, Sciedu Press, vol. 10(2), pages 147-159, July.

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