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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

Emmanuel Ikechukwu Okoye

Nnamdi Azikiwe University - Department of Accountancy

Date Written: April 6, 2011

Abstract

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

Suggested Citation

Okoye, Emmanuel Ikechukwu, The Nigerian Debt Problem: Causes, Consequences and Option (April 6, 2011). African Banking & Finance Review, Vol. 1, No. 1, June 2000. Available at SSRN: https://ssrn.com/abstract=1804233 or http://dx.doi.org/10.2139/ssrn.1804233

Emmanuel Ikechukwu Okoye (Contact Author)

Nnamdi Azikiwe University - Department of Accountancy ( email )

Awka, Anambra 23400
Nigeria

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