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South Asian Journal of Social Studies and Economics

South Asian Journal of Social Studies and Economics, XXXX,Vol.: 1, Issue.: 2


External Debt and Economic Growth of Nigeria: An Empirical Investigation


S. Sajuyigbe, Ademola1*, A. Odetayo, Tajudeen2 and Z. Adeyemi, Adewumi2

1Department of Business Administration and Management, Osun State Polytechnic, Iree, Nigeria.

2Department of Accountancy, Osun State Polytechnic, Iree, Nigeria.


Article Information
(1) Turgut Tursoy, Associate Professor, Department of Banking & Finance, Faculty of Economics & Administrative Sciences, Near East University, Turkey.
(1) Hussin Jose Hejase, Al Maaref University, Lebanon.
(2) Akinde, Oluwaseun Abayomi, University of Ilorin, Nigeria.
(3) Afsin Sahin, Gazi University, Turkey.
Complete Peer review History: http://www.sciencedomain.org/review-history/24602




The study investigates the impact of external debt on economic growth in Nigeria for the period 1999-2015. The data for this study was obtained mainly from secondary sources mainly from Central Bank of Nigeria (CBN) Statistical Bulletins and Debt Management Office. Time series data on Gross Domestic Product (GDP) as a proxy for Economic Growth, External Debt Stock (EXDS), External Debt Service Payment (EDSP), and Exchange Rate (EXGR) were used for the analysis. The techniques of Estimation employed in the study include Augmented Dickey Fuller (ADF) test, Johansen Co-integration, Vector Error Correction Mechanism and Granger Causality Test. Results show that external debt has an inverse effect on economic growth in Nigeria. Subsequently, the study recommends that government should empower Debt Management Office to set the mechanism in place, ensure that loans are utilised for purposes they are meant for and prosecute corrupt public officers who siphoned the money.


Keywords :

External debt; external debt stock; external debt service payment; economic growth; Nigeria.


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