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Evaluation of Nigeria's Debt-Relief Experience (1985-1990)

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  • N. E. Ogbe
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    Abstract

    Buoyant oil revenues in the 1970s provided Nigeria with the basis for large but unsustainable increases in incomes and public expenditure. Agriculture was neglected and the economy became heavily dependent on crude oil and more vulnerable to external shocks. These led to fundamental changes in the structure of the Nigerian economy. When the oil revenues collapsed following the glut in international oil market in the early 1980s, the country faced an acute economic crisis. Unable to shift gears in the face of changing economic fortunes the country resorted to external borrowing. Instead of adjusting, the government adopted a policy of deficit financing. The deficits were financed by borrowing from international capital markets (ICM), a drawn-down of external reserves, and by accumulation of arrears on external trade payments. The debt stock grew rapidly from $3.4 billion in 1980 to $17.3 billion in 1985 and $32.9 billion in 1990. In 1986, the government adopted a structural ... Pendant les années 70 des bénéfices pétroliers très soutenus ont permis au Nigéria de connaître un accroissement considérable, mais non durable, de ses revenus et de ses dépenses publiques. L'agriculture fut négligée et l'économie devint étroitement dépendante du pétrole brut et moins résistante aux chocs extérieurs. Ceci a profondément modifié les structures de l'économie nigériane. Au début des années 80, l'excès de l'offre sur les marché pétroliers a provoqué une effondrement des cours du pétrole et le pays se trouva confronté à une grave crise économique. Face à ces imprévisibles coups du sort et incapable de ralentir le processus économique en cours, le gouvernement dut recourir à l'emprunt extérieur et au lieu d'une politique d'ajustement il adopta une politique de financement du déficit. Les déficits furent financés par des prêts sur le marché international des capitaux (MIC), par un tirage massif sur les réserves extérieures et par une accumulation des arriérés de paiement du ...

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    Bibliographic Info

    Paper provided by OECD Publishing in its series OECD Development Centre Working Papers with number 55.

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    Date of creation: Mar 1992
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    Handle: RePEc:oec:devaaa:55-en

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