IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this paper

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

Listed author(s):
  • N. E. Ogbe
Registered author(s):

    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 ...

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    Download Restriction: no

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

    in new window

    Date of creation: 01 Mar 1992
    Handle: RePEc:oec:devaaa:55-en
    Contact details of provider: Postal:
    2 rue Andre Pascal, 75775 Paris Cedex 16

    Phone: 33-(0)-1-45 24 82 00
    Fax: 33-(0)-1-45 24 85 00
    Web page:

    More information through EDIRC

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:oec:devaaa:55-en. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.