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Causality Link Between External Debt And Economic Growth In Nigeria

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Increasing level of External debt in Nigeria creates a fiscal deficits and budgetary constraints. Hence, this study examined the effect of External Debt on Economic Growth for the period 1986 -2017. Secondary data were extracted from Central Bank Statistical Bulletin (2017), Central Bank of Nigeria Statistical online database and Debt Management Office database. Gross Domestic Product at constant price that proxied Economic Growth was the dependent variable while External debt Stock, External debt repayment, Exchange rate and Inflation served as independent variables. With the aid of Eview 9 software, Multiple regression and Granger Causality test were conducted. Granger causality test shows there is a uni-directional causality between external debt stock and economic growth for this time frame of study. This paper recommends that external debt should be basically sourced for economic projects that will be self financing and not always for political/social issues.

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  • Wasiu Alao, Badmus, & Kamorudeen Wale, Oladejo,, 2019. "Causality Link Between External Debt And Economic Growth In Nigeria," Journal of Taxation and Economic Development, Chartered Institute of Taxation of Nigeria, vol. 18(2), pages 97-104, September.
    • Handle: RePEc:ris:jotaed:0016
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