Journal • CITN Journal

Editorial Board

Editor-in-Chief

Professor Rafiu Oyesola Salawu

Department of Management & Accounting, Faculty of Administration, Obafemi Awolowo University, Ile-Ife

Managing Editor

Professor Godwin Emmanuel Oyedokun

Department of Management & Accounting, Lead City University, Ibadan, Nigeria

Editorial Board Secretary

Mary-Fidelis Chidoziem Abiahu

Director, Research and Professional Standard, Chartered Institute of Taxation of Nigeria

Editorial Board Members

Professor Chinedum Nathaniel Nwezeaku

Federal University of Technology, Owerri

Professor John Adeoti

Nigeria Institute of Social and Economic Research (NISER), Ibadan

Professor Uche Jack-Osimiri

Faculty of Law, River State University, Port Harcourt

Professor Aruwa Suleiman Akwu-Odo Salihu

Nasarawa State University, Keffi Nasarawa State Nigeria

Dr. Eiya Ofiafoh Ofiafoh (Associate Professor)

Department of Accounting, University of Benin, Benin City, Nigeria

Dr. Stephen Chukwuemeka Mark Abani

MCSA Worldwide Projects Limited, Abuja, Nigeria

Dr. Kenny Adedapo Soyemi

Department of Accounting, Olabisi Onabanjo University, Ago Iwoye, Ogun State, Nigeria

Professor Joseph Uchenna Uwaleke

Department of Banking & Finance, Nasarawa State University, Keffi Nasarawa State, Nigeria

Barrister Chukwuemeka Eze

Faculty of Law, Nasarawa State University, Keffi Nasarawa State, Nigeria

Mr. Simon Nwanmaghyi Kato

Federal Inland Revenue Service, Chairman’s Office, Abuja, Nigeria

CAUSALITY LINK BETWEEN EXTERNAL DEBT AND ECONOMIC GROWTH IN NIGERIA

Description

CAUSALITY LINK BETWEEN EXTERNAL DEBT AND ECONOMIC GROWTH IN NIGERIA

Authors

Badmus, Wasiu Alao and Oladejo, Kamorudeen Wale

Abstract

Increasing level of External debt in Nigeria creates a fiscal deficits and budgetary constraints. Hence, this study examined the effect of External Debt on Economic Growth for the period 1986 -2017. Secondary data were extracted from Central Bank Statistical Bulletin (2017), Central Bank of Nigeria Statistical online database and Debt Management Office database. Gross Domestic Product at constant price that proxied Economic Growth was the dependent variable while External debt Stock, External debt repayment, Exchange rate and Inflation served as independent variables. With the aid of Eview 9 software, Multiple regression and Granger Causality test were conducted. Granger causality test shows there is a uni-directional causality between external debt stock and economic growth for this time frame of study. This paper recommends that external debt should be basically sourced for economic projects that will be self financing and not always for political/social issues.

Keywords: