Okoye, Lawrence U. (2013) EXTERNAL DEBT: A POTENTIAL TOOL FOR ECONOMIC DEVELOPMENT. International Journal of Management and Social Science Research, 1 (2). pp. 18-31.
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Abstract
Debt (domestic or external) is a feature, or rather, an integral part of eve!J' mudem econumy. Developed and developing nations borrow to enhance development. However. while the developing nations borrow to fasl-lrack the process of economic developmenl, the developed nations borrow to keep their economies running and making progress. Theoretically, nations resort to external borrowing to fast-track the process of economic development and Nigeria is not leji out. However, emerging evidence from most borrowing nations, particularly, African countries, shows that rather than develop, they end up poorer and more underdeveloped, thereby bringing to test the theoretical basis for external debt acquisition. In Nigeria, for instance, it is argued that the level of infrastructural deficiency, rising unemployment, poverty, etc do notjus(!jy the quantum of external debts outstanding as at 2004 (S35.94billion) and that the country was more developed in the 1 960s than presently. Evidence from available literatw-e however support.\" this argument A number of factors have been identified as impediments to the noble objective of external borrowing and relevant recommendations made to resolve the paradox.
| Item Type: | Article |
|---|---|
| Subjects: | H Social Sciences > HF Commerce > HF5601 Accounting H Social Sciences > HG Finance |
| Divisions: | Faculty of Law, Arts and Social Sciences > School of Social Sciences |
| Depositing User: | Mrs Patricia Nwokealisi |
| Date Deposited: | 30 Nov 2017 10:40 |
| Last Modified: | 30 Nov 2017 10:40 |
| URI: | http://eprints.covenantuniversity.edu.ng/id/eprint/9758 |
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