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External Debt Burden and its Impact on Growth: An Assessment of Major Macro- Economic Variables in Nigeria

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  • Eravwoke Kester Erhieyovwe
  • Oyovwi Dickson Onovwoakpoma

Abstract

The study examines External debt burden and its impact on major macro economic variables in Nigeria. The Econometric method of co integration technique was applied to establish the quantitative impact and relative significance of the explanatory variables. The study shows that there exists a long run relationship among the major macro economic variables. The results show that External debt burden, foreign direct investment, inflation and Export have a positive relationship with economic growth. The study recommends that the Nigerian government should not contract further unproductive debt as it may be detrimental to the growth and development of the economy.

Suggested Citation

  • Eravwoke Kester Erhieyovwe & Oyovwi Dickson Onovwoakpoma, 2013. "External Debt Burden and its Impact on Growth: An Assessment of Major Macro- Economic Variables in Nigeria," Academic Journal of Interdisciplinary Studies, Richtmann Publishing Ltd, vol. 2, July.
    • Handle: RePEc:bjz:ajisjr:83
    DOI: http://dx.doi.org/10.5901/ajis.2013.v2n2p143
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    References listed on IDEAS

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    1. Metwally, M. M. & Tamaschke, Rick, 1994. "The interaction among foreign debt, capital flows, and growth: Case studies," Journal of Policy Modeling, Elsevier, vol. 16(6), pages 597-608, December.
    2. Anke E. Hoeffler, 2002. "The augmented Solow model and the African growth debate," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 64(2), pages 135-158, May.
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