The Nigerian Debt Problem: Causes, Consequences and Option
African Banking & Finance Review, Vol. 1, No. 1, June 2000
11 Pages Posted: 6 Apr 2011 Last revised: 9 Apr 2011
Date Written: April 6, 2011
In the-early periods of 1980's, debt and its management, causes and consequences were hardly subjects of immense national concern. During that period, Nigeria was considered under borrowed by the international financial community and most creditors were eager and willing to lend to Nigeria. According to Ahmed (1986), the size and burden of Nigeria external debt was insignificant from 1971 to 1977. Nigeria’s external debt stood at N4998.8 milion ($684.3 million) at the rate of $1.40 per naira. It thereafter declined to N234.5 million (US 308.9 million) in 1971, at the rate of $1.32 per naira; and rose gradually to N496.9 million (US $762.9 million) at the end of 1977 which is $1.544 per naira.
Keywords: Nigerian Debt Problem, Causes, Consequences
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