FOREIGN DEBT MANAGEMENT AND NIGERIA’S DEBT PROFILE 1999-2007 A CRITICAL ANALYSIS

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ABSTRACT

This work examines the Nigeria’s foreign debt profile, in relation to the debt management plans adopted to manage Nigeria’s increasing debt stock. The theory of dependency is used as a framework of analysis .This views the foreign debt problem as arising from the peripheral nature in the world capitalist economy which Nigeria belongs, including the structures of the international capitalist economy, that ensures the periphery depend on the core for everything including finance, technology etcetera. Data were gathered through qualitative method of data collection from secondary sources like books, journals, government publications and so on. To ensure that data from the secondary sources were given qualitative interpretation and analysis, we applied qualitative descriptive method of data analysis. Through the historical research design we were able to observe and carefully analyzed the Nigeria’s debt
management strategies and relate it to the present and future nature of Nigeria’s foreign debt. We find out that Nigeria debt looked sustainable in relation to the GDP, since Nigeria exited from the Paris club debt which returned the country’s debt to sustainable levels. We equally submit that some of the management strategies Nigeria adopted reduced the country’s total debt stock. Finally, we draw our recommendations based on the findings of our research work, which was vividly summarized in our
conclusion.
TABLE OF CONTENTS
Title Page i
Approval Page ii
Dedication iii
Acknowledgement iv
List of Table v
List of Figures vi
Table of Contents vii
Abstract viii
CHAPTER ONE : INTRODUCTION
1.1 Introduction 1-2
1.2 Statement of Problem 3-4
1.3 Objective of Study 4
1.4 Significance of Study 5
1.5 Literature Review 5-26
1.6 Theoretical Framework 26-28
1.7 Hypotheses 28
1.8 Method of Data Collection 28-31
CHAPTER TWO: DEBT PROFILE AND NIGERIA’S GDP
2.1 The History of The Nigeria’s Foreign Debt 32-35
2.2 The Categories of External Creditors 35-37
2.3 The Domestic Versus External Debt Profile 37-38
2.3:1 The External Debt Profile 1999-2009 38-40
2.3:2 The Domestic Debt Profile 40-41
2.4 Nigeria’s foreign debt servicing obligations 41-45
2.5 Nigeria’s Debt Sustainability in Relation To The Country’s GDP 45-49
CHAPTER THREE: DEBT PROFILE AND NIGERIA’S DEVELOPMENT EFFORTS
3.1 The Structure of Nigeria’s Public Debt 50-51
3.2 The Rising Debt Profile And Its Effects on Development 51-53
3.3 The Debt Repayment Impact on Development 53-56
3.4 Nigeria’s Rising Debt Profile And The Economy 56-58
3.5 The Utilization of The Past Borrowings 58-62
CHAPTER FOUR: DEBT MANAGEMENT PLANS AND MANAGEMENT OF NIGERIA’S FOREIGN DEBT
4.1 The Role of Debt Management Office (DMO) In Nigeria’s Foreign Debt 63-66
4.1:1 External Debt Management 66-67
4.2 The Management Strategies And The Debt Profile 67-81
4.3 The Politics of Debt Relief And Paris Club Debt Exit Strategies 81-84
CHAPTER FIVE : SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Summary 85-87
5.2 Conclusion 87-89
5.3 Recommendations 89-90
BIBLOGRAPHY 90-95
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