Research Journal of Finance and Accounting
Impact of External Debt Financing on Economic Development in Nigeria
Abstract
The concept of debt, whichever type or form, is a major problem militating against African development stride particularly countries like Nigeria. As a result, this paper focused on the impact of external debt financing on economic growth in Nigeria. The data for the study is collected from CBN statistical staple 2012. The data covered 1969-2011.Time series variable properties of the study were stationary and co integration. The VEC model estimate showed that London debt financing possessed positive impact on economic growth while Paris debt, Multila and Promissory note were inversely related to economic growth in Nigeria. The study recommended debt service cancellation and global marketing participation to encourage survival of SMEs in Nigeria.
Keywords: External Debt, Economic growth, Development, Financing, Global Marketing.
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ISSN (Paper)2222-1697 ISSN (Online)2222-2847
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