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THE IMPACT OF FOREIGN DEBT ON DEVELOPING NATIONS: A CASE STUDY OF ITS EFFECTS ON NIGERIAN ECONOMY
Abstract
Internal revenues and external debts are two main variables that determine the direction of a nation’s stability of the entire performance of the nation’s economy. Most developing nations have become victims of foreign debts which has rendered their individual economies frail and prone to the dictatorship of foreign donors. This work considered secondary data sourced from CBN, Debt Servicing Payment, Series of talks by world renowned economists, Economic and Financial Review, and several articles in its review. It established that strong and wellmaintained economies of the past that ventured into foreign loans are being relegated to severe poverty and economic disintegration, leading to increased corruption and money laundering. Nigeria’s economy in the 60’s could boast of stability and development. Conversely, she has been experiencing development drawbacks since the introduction of foreign loans geared towards increased development. This paper intends to analyse some of the policies and conditions in place prior to the approval of loans to developing nations which has made it impossible for economic growth and development in these nations, outlining some of the problems involved with the implementation. A critical view shall be made on the structure and emergence of Nigeria’s foreign debt alongside her economic growth in contemporary times.
Keywords: economic growth, foreign debt, interest rate, trend, economic development, stability, setbacks,